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STI sees red on continued economic uncertainty

Thiveyen Kathirrasan and Felicia Tan
Thiveyen Kathirrasan and Felicia Tan • 2 min read
STI sees red on continued economic uncertainty
The benchmark Straits Times Index (STI) fell 0.9% to 2488.96 as at noon of September 14 from the previous week’s 2511.21.
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The benchmark Straits Times Index (STI) fell 0.9% to 2488.96 as at noon of September 14 from the previous week’s 2511.21.

Sembcorp Industries leads this week’s top gainers with a 24.1% w-o-w increase following the completion of its rights issue and focus on its energy, utilities, and urban solutions.

Yangzijiang Shipbuilding Holdings is also having a good week with a 3.7% w-o-w growth following another order for its containerships in end August.

CGS-CIMB Research Securities expects the group to book stronger q-o-q revenue in 3Q20 after its 2Q20 earnings came in line with the brokerage’s expectations.

CapitaLand Mall Trust (CMT) continues to see growth in the lead-up to the merger with CapitaLand Commercial Trust (CCT). The latter also saw an increase this week, though it remained flat in the previous week following news of its delisting after the merger.

Mapletree Industrial Trust also had a good week with a 2.6% w-o-w growth. On September 14, the trust announced that it was acquiring another US data centre for a purchase consideration of up to $356.5 million.

See also: Mapletree Industrial Trust acquires US data centre and office for purchase consideration of between $272.8 mil to $356.5 mil

DBS, OCBC, and UOB fell 0.7%, 0.6%, and 0.3% w-o-w after news emerged that the dividend cap on Singapore banks may extend into FY21F.

See also: Extension of dividend cap beyond 2020 a 'possibility': DBS

Singapore Airlines also saw a 3.0% w-o-w drop after the airline announced that it would be cutting 2,400 staff on September 10.

See also: SIA group to cut around 2,400 staff, CEO Goh says decision was 'hardest and most agonising'

Read all the STI watch articles here.

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