MARKET UPDATES :
- SINGAPORE shares ended higher on Thursday with the Straits Times Index gaining 10.28 points to 3,234.31. Some 1.16 billion shares, valued at S$912.3 million were traded. Gainers numbered 179 while losers numbered 186.
- Oversea-Chinese Banking Corp , Singapore’s second-biggest lender, posted a 62 per cent rise in quarterly profit, beating expectations, thanks to strong loan growth, higher margins and a one-off gain from a China-related acquisition. OCBC earned USS$1.23 billion in the three months ending in September, compared with S$759 million a year earlier .The third quarter result included a one-off gain of S$391 million from an increased stake in Chinese lender Bank of Ningbo, which became a 20 per cent-owned subsidiary.
- The Singapore Exchange (SGX) is exploring the feasibility of an equity crowd funding platform for early- stage companies, and has formed a team focused on small and medium-sized enterprises (SMEs), industry sources told The Business Times.
- TEN years after coming into force, the US-Singapore Free Trade Agreement (USSFTA) has paid rich dividends to both countries, by reinvigorating bilateral trade and investment and opening up new opportunities for companies, according to top diplomats from Singapore and the United
- Singapore’s sovereign wealth fund GIC will buy a stake of 20 per cent in a Turkish real estate company, Rönesans Gayrimenkul Yatirim AS for 250 million Euros, the two firms said in a statement. The pact takes the form of a primary rights issue and GIC’s injection will fund acquisitions and development of new projects in Turkey. The transaction is expected to be completed in the fourth quarter of this year.
- The Federal Reserve on Wednesday ended its monthly bond purchase programme and dropped a characterization of US labour market slack as “significant” in a show of confidence in the economy’s prospects.
- In a statement after a two-day meeting, the central bank largely dismissed recent financial market volatility, dimming growth in Europe and a weak inflation outlook as unlikely to undercut progress toward its unemployment and inflation goals. “On balance, a range of labor market indicators suggests that underutilization of labor resources is gradually diminishing,” the Fed said in an important departure from prior policy statements, which had described the slack as “significant.
- NEPTUNE Orient Lines (NOL), South-east Asia’s biggest container line, is seeking buyers for APL Logistics unit in a sale that could fetch at least US$1 billion (S$1.27 billion), said Bloomberg.
STOCK RECOMMENDATION :
- BUY CITY DEVELOPMENT LTD ABOVE 9.400 TG 9.500, 9.620, 9.750 SL 9.280