Weekly Singapore Stock Market Round Up: STI softens despite HK Land’s surge

Weekly Singapore Stock Market Round Up
Weekly Singapore Stock Market Round Up

The Straits Times Index (SGX: ^STI) concluded the week on a slightly bearish note, closing at 3,555 points. Despite this, the market witnessed some notable individual performances.

Hongkong Land (SGX: H78) was a standout performer, surging over 13% to close at $4.48. The company announced a strategic shift towards fund management and a focus on ultra-premium commercial properties in key Asian cities. By 2035, Hongkong Land aims to recycle up to US$10 billion in capital, double its pre-tax profit, and double its dividend per share. Additionally, it intends to grow its assets under management from US$40 billion to US$100 billion.

Agri-business giant Olam Group (SGX: VC2) saw a 14% jump in its share price to S$1.22 after confirming discussions to sell its remaining stake in Olam Agri to a Saudi state-owned investment firm.

Thai Beverage (SGX: Y92) experienced a 5.7% decline, closing at S$0.50. While the company reported a 2.5% increase in revenue for the third quarter, net profit fell by over 10.9%.

Over at Wall Street, US stocks rallied on Friday, fueled by a weaker-than-expected October jobs report. This raised hopes for potential interest rate cuts by the Federal Reserve.  Both Amazon (NASDAQ: AMZN)  and Apple’s (NASDAQ: AAPL) results joined the other Magnificent 7 stocks, Tesla (NASDAQ: TSLA), Alphabet (NASDAQ: GOOG, GOOGL)  and Meta (NASDAQ: META) in beating analyst estimates. Amazon’s stock soared 6% after reporting strong earnings, while Apple’s shares declined due to concerns about its China business.

It’s going to be a big week next week with the US Presidential Election on 5 November and the Fed announcing its latest interest-rate decision on Friday.

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Joanna Sng owns shares of Amazon, Apple, Alphabet, and Meta.

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