SG Morning Highlights | Singapore Airlines' Stock Tops Global Peers on Record Profits
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened up on Wednesday; STI up 0.26%
●China, Singapore private wealth continues to support shophouse demand
●Stocks to watch: SIA, EC World Reit
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened up on Wednesday. The $FTSE Singapore Straits Time Index (.STI.SG)$ gained 0.26 per cent to 3,197.75 as at 9.08 am.
Advancers / Decliners is 113 to 33, with 232.25 million securities worth S$132.05 million changing hands.
Breaking News
The going may be slow for some segments of the commercial property market that typically rely on institutional investors, in the face of high interest rates.
However, the shophouse market continues to draw buyers in the private wealth segment, be they local or overseas.
A four-storey corner conservation shophouse at 11 New Bridge Road – where the popular Song Fa Bak Kut Teh outlet occupies the entire ground floor – is being sold for S$23.8 million.
The buyer, a China national, is understood to be linked to Lin Jixun. A person of the same name is the founder and chief executive officer of US-based ACON Laboratories, the maker of the Flowflex Covid-19 antigen home test kits.
Stocks to Watch
$SIA (C6L.SG)$: Singapore Airlines'(SIA) 32 per cent rally in the past three months tops gains among global airline stocks after it posted a record profit, driven by pent-up demand.
The shares are trading at their highest level in five years, with the advance accelerating last month after the carrier reported its highest-ever annual net income as travel resumed following Covid. The stock is the top performer on the Bloomberg World Airlines Index for the period since March 13.
It rose more than 2 per cent on Tuesday (Jun 13), poised for a 10th-straight day of gains, its longest win streak since 2008. Analysts see further positives for the stock, which is still 45 per cent below its all-time high set in 2000.
$Koh Eco (5HV.SG)$: Koh Brothers Eco Engineering announced that its wholly-owned subsidiary, Koh Brothers Building & Civil Engineering Contractor (KBCE), together with its joint venture partner, LBD Engineering, has secured a $186.0 million contract from the Housing & Development Board (HDB), for the building of the Kallang Integrated Development.
$EC World Reit (BWCU.SG)$: The manager of EC World REIT has been granted a waiver by the Monetary Authority of Singapore (MAS) to divest its Chinese logistics properties, Bei Gang Logistics and Chongxian Port Logistics.
The waiver was sought under MAS's code on collective investment schemes. Under paragraph 5.4(b)(ii) of Appendix 6 of the code, the REIT was supposed to complete the proposed divestment on June 16, six months after its unitholders approved the divestment.
The waiver came with several conditions. With the new extension, the divestment will have to be completed by Oct 31 instead. The REIT also has to seek its unitholders’ approval for the extended deadline.
Latest Share Buy Back Transactions
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