Singapore stocks are set for a cautious start on Tuesday amid concerns about a deadlock to raise the US debt ceiling and as investors watch a televised address by President Barack Obama that start at 9:00 a.m.
Singapore’s benchmark Straits Times Index <.FTSTI> fell 0.36% on Monday to 3,171.55 points. Here are some stocks and factors to watch:
Singapore Telecommunications (STEL.SI), Southeast Asia’s largest telecommunication firm, may be in focus after it said it will transfer $1.89 billion worth of broadband infrastructure assets into a business trust as a prelude to divesting part of
its stake.
Singapore wealth fund GIC plans to invest more money in emerging markets and less in developed markets due to the long-term challenges facing the United States and Europe. GIC achieved a nominal annualised rate of return of 6.3% in the five years to March 31.
Sembcorp Industries (SCIL.SI) said on Monday its waste management unit, SembWaste, has secured a $121 million seven-year refuse collection and recycling services contract from the Singapore’s National Environment Agency.
Singapore’s Neptune Orient Lines (NEPS.SI), the world’s seventh largest container shipping firm, reported a 5% rise in cargo volumes in the four weeks period to July 1 from a year ago, but weakness in Asia-Europe rates pushed its average revenue lower by 13%.
Starhill Global REIT (STHL.SI), which invests in retail and office assets, said on Monday its second quarter distribution per unit rose 14.3% year-on-year to 1.04 cents, helped by the contribution from its properties in Malaysia and Australia.
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