In Singapore, trading volume continued to be heavy at 2.49 billion securities, more than double the 2019 daily average, with much of the activity down to penny play. Total turnover was S$2.08 billion, 96 per cent over last year's intraday mean.With investor focus very much on the spread of the virus, attention here was on accumulation of beneficiaries of the outbreak like medical groups and rubber glove makers.
Medtecs International, a manufacturer and distributor of medical consumables, continued its run as a hotly traded stock on the Singapore Exchange . It advanced 6.8 Singapore cents or 65.4 per cent to 17.2 cents - an all-time high - with 325.2 million shares changing hands. Top Glove surged S$0.45 or 23.7 per cent to close at S$2.35.Sasseur Reit, which temporarily closed its four outlet malls in the Chinese cities of Chongqing, Hefei and Kunming, lost S$0.09 or 10.3 per cent to close at 78.
Other property trusts with sizeable exposure to China also took a beating. Mapletree North Asia Commercial Trust units fell S$0.07 or 5.7 per cent to S$1.17. CapitaLand Retail China Trust , which has a portfolio of 10 retail malls in China, dropped S$0.10 or 6.1 per cent to S$1.53. CRCT's parent, real estate giant CapitaLand, which derives more than a third of its earnings from China, was among the biggest laggards on the STI, falling S$0.19 or 4.9 per cent to S$3.70.
Even though fears of contagion have gripped markets, Joel Ng, KGI Securities head of Singapore research, toldthe growth outlook for most companies is still intact and there were some opportunities to pick up counters with attractive valuations. These include AEM Holdings , CapitaLand and SGX .
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