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Singapore shares are set for a weak start on Wednesday after a fall in US consumer confidence dampened sentiment on Wall Street and snapped a three-day winning streak on the S&P 500 index. Singapore’s benchmark Straits Times Index rose 0.42% on Tuesday to 2,979.38 points.
Hospitality and tourism stocks may be in focus after data showed Singapore’s visitor arrivals rose 26.7% in June to 950,000 from a year ago. It was the best figure since December’s record number, with the city-state’s two new casinos helping attract more tourists from the region. Here are some stocks and factors to watch:
Singapore Exchange (SGX) and the London Metal Exchange said on Wednesday they are jointly developing cash-settled mini monthly metals futures contracts, which will traded and cleared through SGX.
CDL Hospitality Trusts (CDLT.SI) said its net profit for the second quarter rose 43% to $20.6 million from $14.4 million a year ago. It had a distribution per unit of 2.57 cents for April-June, 36% higher than the same period a year earlier.
Biosensors’ (BIOS.SI) first quarter net profit fell 23% to US$3.2 million ($4.4 million) from US$4.2 million a year ago due to restructuring charges from the closure of its US operations. Its revenue rose 39% to US$33 million in April-June, from $23.8 million a year ago.
Eratat Lifestyle (CERAT SP): The China-based maker of athletic shoes and apparel said first-quarter net income decreased 24% to 27.1 million yuan ($5.4 million) from a year earlier. Eratat was unchanged at 16.5 cents.
MobileOne (M1 SP): Singapore’s smallest phone company was downgraded to “neutral” from “buy” at UBS AG. MobileOne was unchanged at $2.23.
Shipping companies: The Baltic Dry Index of commodity-shipping rates rose 1.5% in London yesterday, taking its eight-day advance to 9.9%. Cosco Corp. Singapore (COS SP), a China-based shipbuilder that also operates bulk carriers, dipped 0.6% $1.61. STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, lost 0.1% to $14. Mercator Lines Singapore (MRLN SP), an Indian bulk carrier, was unchanged at 29 cents.
