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STI Races To 7-Month High On Billion-Dollar Offers
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By: Shane Goh
Articles (99) Profile

US indices stayed near their highs set on 4 Apr-14, bolstered by higher retail sales in March, which grew 1.1 percent m-o-m, providing further evidence of stronger economic activity after the country endured a harsh winter. On the manufacturing front, US industrial production was up 0.7 percent m-o-m.

However, China’s trade figures fell unexpectedly in March. Exports were down 6.6 percent while imports declined 11.3 percent. Markets had expected a 4.2 percent and 2.8 percent growth respectively. This continued its recent spate of weak economic data and raised concerns that the world’s second largest economy may miss its full-year target.

Turning the spotlight to Southeast Asia, Indonesian elections have graced regional newspapers. The focus is centred on the main opposition party, the Indonesian Democratic Party-Struggle, and its presidential candidate, Mr Joko Widodo.

However, the party has met with challenges in its path, which was expected to be an easy ride, for the top government spot. Faced with political uncertainty, investors have fled Indonesian-centric businesses. In particular, Jardine Cycle & Carriage’s share price fell 9.2 percent at its lowest since news broke of the party’s difficulties.

On local shores, Singapore’s headlines for the past 2 weeks were dominated by billion-dollar cash offers. CapitaLand proposed to privatise CapitaMalls Asia with a $3.1b deal, or $2.22 per share. Ong Beng Seng and Wheelock Properties made a $3.50 per share offer to buy out Hotel Properties while intending to retain the latter’s SGX listing.

Analysts and investors warmed up to the Capita-family deal. This spurred the Straits Times Index, which the 2 counters are part of, on 1.3 percent to close at 3,253.80 on 17 Apr-14.

Currently pursuing his Chartered Financial Analyst qualification, Shane provides coverage on the property, consumer and environmental sectors at Shares Investment.

Please click here for more information about this author.

CapitaLand  3.630 +0.03 +0.83%   
Business: Co develops, owns, and manages real estate properties. [FY18 Geographical] China (41.2%), S'pore (38.5%), Europe & others (18.6%), Vietnam & Others (1.7%).

Insight: Apr-19, 1Q19 revenue fell 23.8% while net profit d... Read More
Hotel Properties  -- -- --   
Business: Co is involved in hotel ownership, management & operation, & property development. [FY18 Turnover] Hotels (87.5%), properties (12.5%).

Insight: May-19, 1Q19 revenue slid 12.2% due to lower contr... Read More

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