Singapore shares may open higher on Wednesday after US stocks rose to a five-month high on hopes for strong corporate earnings, though investors are likely to remain cautious in the near term due to the debt woes in the euro zone.
Singapore’s benchmark Straits Times Index rose 1.06% on Tuesday to 2,719.83 points. Here are some stocks and factors to watch, said Reuters:
CapitaLand, Southeast Asia’s largest property developer, may be in focus after announcing that a consortium it is leading had signed a cooperation agreement with the Chongqing government for a mixed development in Chongqing, China.
CapitaLand, CapitaMalls Asia and Singbridge Holdings will develop a shopping mall and eight towers for residential, office, serviced residence and hotel use, with total gross floor area of about 817,000 square metres.
Including land cost, the total development cost of the project is expected to be about $4.3 billion. CapitaLand and CapitaMalls Asia each owns a 25% effective stake, while Singbridge holds 30%.
Singapore Press Holdings said on Tuesday its first-quarter net profit fell 4.7% from a year earlier to $97.5 million, partly hurt by lower investment income due to unrealized foreign exchange losses on investments.
Budget carrier Tiger Airways said on Tuesday it carried 481,000 passengers in December 2011, down 12% from a year earlier. Load factor in the same month was 83%, compared with 91% a year ago.
Welding, gas and safety products firm Leeden said on Tuesday the Singapore Exchange had given an approval-in-principle for the company’s planned delisting from the bourse.
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