Asian stocks rose, extending the first week of gains in six weeks by the regional benchmark index, as investors speculated a bailout for Spain’s banks will help ease the Europe’s debt crisis.
The MSCI Asia Pacific Index advanced 1.1% to 112.7 at 9:15 a.m. in Tokyo, with 20 stocks rising for each that fell before markets in Hong Kong and China open.
Stocks in Singapore closed 0.77% lower last Friday, in line with most Asian bourses, after the US Federal Reserve failed to commit to any new stimulus measures. The Straits Times Index fell 21.37 points to end at 2,737.89. Volume was 918 million shares. Losers led gainers 235 to 87.
Here are some factors and stocks to watch:
Singapore’s export growth quickened in May as shipments of electronics and pharmaceuticals increased. Non-oil domestic exports climbed 3.2% from a year earlier, after a revised 1.7% gain in April, the trade promotion agency said in a statement today.
Singapore’s economic growth will slow in the coming years as the country is more developed and faces land and labour constraints, according to Prime Minister Lee Hsien Loong said at the Economic Society of Singapore’s annual dinner on the evening of Jun 8. Singapore forecasts gross domestic product growth of 1% to 3% this year. The economy grew an annualised 10% in the three months through March 31 from the previous quarter, more than an initial estimate, the government said last month.
Ernst & Young (E&Y), the auditors of China Gaoxian Fibre Fabric Holdings, said in an independent auditors’ report on Jun 8: “We were unable to perform the necessary audit procedures to satisfy ourselves as to the appropriateness, completeness and accuracy of the financial statements of the group and the company for the financial year ended 31 December 2011.” The special auditor’s report had also flagged the significant level of influence and control wielded by the group’s founder and controlling shareholder, Cao Xiangbin, in the management and decision-making process.
Keppel Land on Jun 8 announced that CEO Kevin Wong will be leaving the company on Dec 31 to pursue his personal interests. Ang Wee Gee, 50, will succeed Wong as CEO on Jan 1, 2013. Ang will remain as executive vice-chairman of Keppel Land China , which was formed in October 2010 to strengthen the company’s focus in China.
Saizen Real Estate Investment Trust has acquired Bibress Tsukisamu Chuo Station for 530.66 million yen ($8.5 million), its manager Japan Residential Assets Manager Limited said on Jun 8. “The acquisition is accretive to Saizen Reit’s distribution per unit,” the manager said, adding that there is no issuance of new units to raise equity for the purchase.
ST Engineering, through its US-based unit, Vision Technologies Aerospace Incorporated (VT Aerospace), has bought the Tampa aerospace maintenance facility and certain assets of Pemco World Air Services Inc (Pemco) for US$49.7 million ($64million) at a bankruptcy auction. VT Aerospace will also assume selected liabilities estimated at US$6.2 million.
BBR Holdings (S) on Jun 8 said it has secured a US$102.7 million ($131.8 million) contract from the Singapore University of Technology and Design (SUTD) for Phase 1 construction of housing and sports facilities for its campus at Somapah Road and Changi South Avenue 1. The contract involves the construction of three 11-storey hostel blocks, two 11-storey faculty blocks, a sports complex and a multi-purpose hall with basement car park and support area.
No comments:
Post a Comment