MARKET UPDATES :
- Singapore shares were down 17.28 points on Wednesday with the benchmark Straits Times Index finishing at 3,226.71.Volume was 1.16 billion shares worth S$893.8 million. Losers outnumbered gainers 278 to 132.
- OSIM International, queried by the Singapore Exchange (SGX) on the second consecutive day of a fall in its share prices, said on Wednesday that it was unaware of any reasons that could have caused the unusual trading activity in its shares. The shares for the luxury massage chair maker tumbled 4 per cent on Tuesday and another 4 per cent on Wednesday morning. At 4:15pm on Wednesday, OSIM was trading around S$2.32, down 11 cents or 4.5 per cent. More than six million shares changed hands.
- EZRA’S associated firm, EMAS Offshore, kicked off its secondary listing on the Singapore Exchange’s main board on a dismal note, trading some 14 per cent below its initial public offer price. At 3:35pm on Wednesday, the company previously known as EOC Ltd, had bid/ask at S$1.035/S$1.04 a share. Only 678,000 shares changed hands. The wider market is also weak, as stock markets in the region are hit by worries about waning global growth after the International Monetary Fund cut its global economic growth forecasts for a third time this year.
- CHINA-based Nanshan Group has topped the bids for a site off Sin Ming Avenue released by the Urban Redevelopment Authority (URA), beating a field of 17 other bidders. Nanshan’s bid of S$173.57 million for the 10,502.8 sq m site in Lorong Puntong was some 7.2 per cent higher than the second-highest bid from SL Capital Ventures Pte Ltd. The 99-year leasehold site has a maximum permissible gross floor area of 22,056 sq m.
- It is time for public accounting firms in Singapore to rethink their hiring practices and take on employees from backgrounds other than accounting, said Singapore Accountancy Commission (SAC) chairman Michael Lim on Wednesday. Mr. Lim was the keynote speaker at the CPA Congress 2014, organised by professional accountancy body CPA Australia and attended by over 300 accounting professionals. The SAC is the statutory body tasked with transforming Singapore’s accountancy sector.
- THE Small and Middle Capitalization Companies Association (SMCCA), a grouping of small and mid- capitalization companies listed on the Singapore Exchange (SGX), announced its official launch on Wednesday.
STOCK RECOMMENDATION :
- BUY JARDINE STRATEGIC HOLDING ABOVE 34.150 TG 34.350, 34.650, 35.050 SL 33.850