Singapore stocks may drop on fiscal turmoil and Middle-east concerns.
On Wednesday, the Straits Times Index declined 29.54 points to end at 2,978.03. Volume was 2.45 billion shares. Losers led gainers 275 to 150. Here are some stocks and factors to watch:
Global Logistic Properties, one of the world's largest warehouse operators, is teaming up with large institutional investors to buy US$1.4 billion ($1.7 billion) of assets in Brazil as it looks to sustain its strong pace of growth.
GLP will raise about $414.4 million through a private placement of shares to partly fund its acquisition of Brazilian assets. Citigroup Global Markets Singapore, Goldman Sachs (Singapore), J.P. Morgan (S.E.A.) and China International Capital Corporation (Singapore) were the joint bookrunners and joint placement agents for the deal while DBS Bank was the joint lead manager.
Property developer City Developments said its third quarter net profit rose 1.8% to $134.5 million from a year ago, helped by higher sales of residential units but higher costs weighed.
Commodity trader Olam International said its first quarter net profit rose 26% to $43.2 million from a year ago.
Offshore shipbuilder STX OSV said its third quarter net profit dropped 39% to 228 million Norwegian crowns ($48.5 million), hurt by a fall in sales.
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