Property Sector Leads STI Rally
STI rose higher for the 2nd straight day after strong gains in the property stocks help to lift the benchmark index to close 1.03% stronger at 2,302.46. The standouts in the property sector came after the US Fed Reserve kept its interest rates on hold, prompting investors to believe that interest rates will not rise and demand for the property will increase on economic recovery. CapitaLand rose 3.3% to $3.77, City Developments climbed 3.2% to $8.80 and Fraser & Neave gained 3.7% to end at $3.88. In the broader market, gainers trounced losers 333 to 146.
Wall St Buoyed By Retail Sector
US stocks staged an impressive broad-based rally on Thursday with retail stocks leading the way. Home furnishings retailers fared especially well after Bed Bath & Beyond reported an unexpected rise in profits with cost cuts and new store openings making up for a fall in same-store sales. Its shares climbed, uplifting rival retailers’ share prices as well. Economic data showed that the US economy contracted 5.5% in the first quarter, slightly less than had previously been estimated. But investors focused on the fact that more people claimed jobless benefits last week than expected. The data saw the markets open in negative territory but they then rose as Ben Bernanke, chairman of the US Fed Reserve, testified before Congress on last year’s takeover of Merrill Lynch by Bank of America. The benchmark S&P 500, the DJIA and the Nasdaq Composite all rose 2.1% to 920.26, 8,472.40 and 1,829.54, respectively.
Sembcorp Industries Signs 2 Water Deals At SIWW
Sembcorp Industries has inked 2 deals at the Singapore International Water Week (SIWW) yesterday: 1) a three-way deal with local water technology companies United Envirotech and Memstar Technology to testbed a new wastewater treatment and water reclamation system – the first such system in Singapore to make use of advance membrane distillation technology to treat wastewater and reclaim water; 2) a Heads of Agreement with the Shenyang Economic & Technological Development Area Administrative Committee to explore entering a project for wastewater treatment in Shenyang, Liaoning Province. This is in addition to Sembcorp’s existing presence in the Shenyang, which includes 3 water water works facilities, water intake systems and a water distribution network.
Overseas Union Enterprise Gets Up To $300m Term Loan Facility
Overseas Union Enterprise has obtained a secured term loan facility for up to $300m for two of its indirect fully owned units. About $165m will be used to finance an existing facility in relation to the acquisition of 21 Anguillia Park, and $100m to repay shareholder loans. Following the facility, the company’s secured borrowings have gone up by $100m to $618.9m.
