Singapore stocks may drop as Japanese exports decline.
On Friday, the blue-chip Straits Times Index dropped 0.4% or 11.44 points to end at 3,048.92. In the broader market, 1.8 billion shares changed hands. Losers beat gainers 284 to 127. Here are some stocks and factors to watch:
Tiger Airways Australia, a unit of Tiger Airways, has been issued a new Air Operators Certificate by the Civil Aviation Safety Authority of Australia (CASA). This means that all restrictions following the 2011 grounding of its fleet have been lifted. The restrictions then included measures that curbed the number of flight destinations and how many passengers the airline could carry.
Singapore Airlines has frozen cadet-pilot recruitment and cut flying hours for junior pilots in a business slowdown, the Straits Times reported. SIA's spokesman told the newspaper the last cadet intake was early this year and it has not decided when hiring will resume.
Overseas Union Enterprise, backed by Indonesia's Lippo Group, may team up with Japan's Kirin Holdings to thwart a US$7.2 billion takeover offer for Fraser and Neave from companies linked to Thailand's third-richest man, sources said. In an unexpected move, OUE said on Friday it is seeking partners in a potential takeover bid for F&N, without identifying the parties.
Yoma Strategic, the Myanmar-focused property development company, said administrative expenses in July-September rose by $8.73 million to $9.28 million, resulting in a net loss of $4.12 million for the group versus a net profit of $1.39 million a year ago. The group's second-quarter revenue jumped 59% to $11.60 million.
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