Singapore stocks may open lower on GDP numbers
02 Jan 2015, 08:21 am
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SINGAPORE (Jan 2): The Singapore stock market may open lower on its first day of trading in 2015. The market was closed on Jan 1 for the New Year holiday.

Singapore’s economy expanded less than economists estimated in the last quarter its manufacturing industry weakened with slowing growth in China and an uneven global recovery.

Gross domestic product rose an annualised 1.6% in the three months to Dec 31 from the previous quarter, when it expanded 3.1%, the trade ministry said in a statement today. The median of five estimates in a Bloomberg News survey was for a 3% expansion.

In his New Year's eve message, Prime Minister Lee Hsien Loong said the nation will experience slower expansion than it’s been used to.

On Dec 31, the Straits Times Index was little changed at 3,365.15. For the full year, it ended with a gain of 6.2%.

Here are some stocks to watch this morning:

Keppel Corp has secured a contract worth US$705 million ($934 million) to convert a liquefied natural gas carrier into a floating liquefaction vessel (FLNG). Keppel closed at $8.85 on Dec 31.

China Minzhong Food's executive chairman and CEO Lin Guo Rong is looking to acquire a 52.9% stake in the company from its controlling shareholder PT Indofood Sukses Makmur. The vegetable processor may buy 347 million shares at $1.20 apiece, valuing the acquisition at $416.4 million. China Minzhong closed flat at 86 cents on Dec 30.

Soilbuild Construction Group has secured a contract worth $128 million from the Housing & Development Board to build six residential blocks and a park at Sembawang. Soilbuild closed at 24 cents on Dec 31.

Japfa, the industrialised producer of chicken, beef and milk, has entered into a five-year milk supply agreement with Inner Mongolia Yili Industrial Group Co. to supply 500 tons of raw milk per day from 2015 to 2019. Japfa closed flat at 55 cents on Dec 31.

 

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