Singapore shares may see a weak start on Wednesday following a sell off in Wall Street late in the session that pared US shares’ gains, prompted by a steep drop in Citigroup’s profit that led investors to unload bank shares.
Singapore’s benchmark Straits Times Index rose 2.15% on Tuesday to 2,815.85 points. Here are some stocks and factors to watch, says Reuters:
Singapore’s second-biggest bank, Oversea-Chinese Banking Corp, may be in focus after it said its chief executive David Conner is stepping down after a 10-year stint that saw him spearhead the bank’s expansion into Indonesia and purchase ING Group’s (ING.AS) Asian private bank.
CapitaMall Trust, which owns shopping malls, said its fourth-quarter distribution per unit fell 2.5% to 2.30 cents, due to an increase in property operating expenses.
China’s Boer Power Holdings on Tuesday withdrew its takeover offer for Singapore electric equipment maker SMB United, leaving Tokyo-listed Osaki Electric Co as the only bidder.
K-Reit Asia said its distributable income jumped 54.3% to $35.7 million in the fourth quarter, helped by higher contributions from associates and higher interest income. However, distribution per unit for the fourth quarter fell 18.1% to 1.40 cents from a year ago.
Chinese shipbuilder Yangzijiang said on Tuesday it had entered into a joint venture agreement with a unit of German shipping firm Peter Dohle Shiffahrts-KG to set up four ship-owning companies.
Delong Holdings, which makes steel products in China, said it will buy an 80% stake in Laiyuan County Aoyu Steel Co for about 264 million yuan ($27.3 million).
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