SINGAPORE, April 10 (Reuters) – Singapore shares weakened slightly on Thursday, trailing behind other markets in Asia that were boosted by the latest Federal Reserve note of caution on raising interest rates.
The benchmark Straits Times Index was down 0.4 percent to 3,196.03 points by 0435 GMT, led by heavy losses in the inter-linked Jardine Cycle & Carriage Ltd, Jardine Strategic Holdings Ltd and Jardine Matheson Holdings Ltd.
Shares in conglomerate Keppel Corporation Ltd edged up 0.4 percent to an intra-day high of S$11.04, a level unseen since Jan. 22, after the company announced late on Wednesday that it has entered into an agreement to manage a large shipyard in China.
Analysts expect the partnership with Titan Petrochemical Group to help Keppel, the world’s top offshore jack-up drilling rig builder, stay ahead of competition which has been brought on by a number of upcoming offshore rig builders in China.
“Rather than fighting the trend of offshore vessel construction moving to China, Keppel appears to be positioning itself to ride the trend given this latest agreement with Titan and Keppel’s current expansion of its Natong yard,” analysts at Religare Capital Markets said in a note.
Twelve out of 25 analysts have a “buy” rating on Keppel, eight recommend a “strong buy” and five a “hold”, Thomson Reuters data showed.
In other stocks, CapitaMalls Asia Ltd jumped as much as nearly 4 percent to S$1.83, the highest since late February. (Reporting by Rujun Shen; Editing by Sunil Nair)
The U.S. Congressional Budget Office (CBO) has projected the construction of 18 medium landing ships for the U.S. Navy to cost anywhere from two to three times higher than the...
By Tony Capaccio (Bloomberg) — The shipyard producing the US Navy’s new frigate has been hobbled by a failure to “achieve engineering and skilled workforce levels” for the medium-sized vessel, according...
(Bloomberg) — Constellation Oil Services Holding SA’s bondholders are reaping a windfall due to increased demand for the company’s offshore rigs from Petroleo Brasileiro SA, a sharp recovery for a...
April 11, 2024
Total Views: 272
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.