3 Things You Need to Know About the Singapore Stock Market Today
Hello, everyone. Here are three things about the local stock market that you might be interested in today.
1. The Straits Times Index (SGX: ^STI), ended Wednesday at 3,541.9 points, down 8.3 points or 0.2%.
The biggest loser among the blue-chip companies was Thai Beverage Public Company Limited (SGX: Y92), with its shares slumping 2.1% to S$0.92. On the other hand, Singapore Exchange Limited (SGX: S68), emerged as the best performer of the lot, adding 2.8% to S$7.78.
Yesterday, the local bourse operator announced that it is expanding its range of Daily Leverage Certificates (DLCs) that would be available to the market. This is after the initial successful launch of DLCs in July last year.
The six new DLCs will offer seven times long or short exposure to the daily returns of the underlying indices, such as MSCI Singapore, Hang Seng Index and Hang Seng China Enterprises Index. This new set of higher leverage DLCs will start trading on 24 January 2018.
Since its launch and up till the end of 2017, DLCs raked in a total turnover of S$1.6 billion and an average daily turnover of almost S$14 million.
2. The earnings season has started.
This morning, ESR-REIT (SGX: J91U) announced its financial results for the full year ended 31 December 2017. Gross revenue for the year came in at S$109.7 million, sinking 2.1% year-on-year, while distribution per unit tumbled 7.7% to 3.853 cents. You can find out more about the industrial REIT’s earnings here.
3. Singapore Kitchen Equipment Ltd (SGX: 5WG) announced this afternoon that it is looking to have a dual primary listing of its shares on the Stock Exchange of Hong Kong’s Growth Enterprise Market through a share offer.
The company feels that the dual listing will increase its market visibility, attract investors with different profiles, and widen its investor and shareholder base, improving share liquidity as a result.
The proceeds raised from the listing can be used to fund the commercial and industrial kitchen solutions provider’s expansion plans. Among its plans are 1) increase its factory capability to enhance its product offerings, 2) improve its positioning in the Hong Kong and China markets, and 3) expand into the hospitality sector.
Singapore Kitchen Equipment added that it has not made any application so far to the relevant authorities with regards to the proposed listing and that there is no guarantee that the listing would come to fruition.
Shares of the firm ended the day at S$0.195, rising 5.4%.