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STI Closes Flat Ahead of National Day


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by Donavan Lim

Singapore equities closed flat on Tuesday.

While regional bourses edged up on expectations that United States and China will adopt further stimulus measures to boost growth and more concrete actions to address the eurozone crisis may be forthcoming, Singapore investors chose to remain on the sideline ahead of the National day holiday.

The benchmark Straits Times Index lost 4.08 points, closing at 3,067.74.

CapitaLand, after plunging to an intra-day low of S$3.03, rebounded slightly to close at S$3.06, off 2.2 per cent.  Shares of the property developer fell after news broke that its chief executive sold one million shares at S$3.08 apiece.

CapitaLand’s CEO Liew Mun Leong, who earlier announced in June that he will retire in a year’s time, now holds 2.55 million CapitaLand shares.

Other property counters also headed south. Rival City Developments closed 1.2 per cent lower at S$11.80 and CapitaMalls Asia surrendered 0.9 per cent to end at S$1.685.

Fraser & Neave continued to maintain its upward momentum, edging up 0.7 per cent to end at S$8.28 as analysts weigh a break-up of the property and beverage conglomerate.

Singapore Press Holdings also came under selling pressure, closing at S$4.00, off S$0.03.

Regionally, the Hang Seng Index ended up at 20,072.55, above the psychological 20,000 barrier while Nikkei 225 Index closed at 8,803.31.

Later this week, investors should look out for a slew of Chinese data.

“We will see industrial production, retail sales and inflation figures which should give a good insight into claims that China’s economy is bottoming out,” said Justin Harper of IG Markets in Singapore.

 

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