Stocks to watch: UOB, DBS, OCBC, Singapore Airlines, ESR-Reit, Sabana Reit, Q&M Dental
THE following companies saw new developments that may affect trading of their securities on Wednesday:
UOB, DBS, OCBC: Singapore banks are sticking to staffing plans made earlier in the year, including their commitments to retain jobs till the end of 2020. But they are actively managing staff costs as Singapore remains in the throes of its worst recession. It comes as UOB has instituted a wage freeze at this point.
Separately, The Business Times wrote on Wednesday that analysts are keeping faith with UOB's organic wealth management play. UOB closed at S$19.42 on Tuesday, up S$0.05 or 0.3 per cent, DBS finished at S$20.35, down S$0.11 or 0.5 per cent, while OCBC closed flat at S$8.56.
Singapore Airlines (SIA): The national carrier is laying off its cadet pilots and cabin crew trainees as part of the 2,400 staff it is letting go in Singapore and abroad, under its retrenchment exercise. SIA shares closed at S$3.52 on Tuesday, up S$0.01 or 0.3 per cent.
ESR-Reit, Sabana Shari'ah Compliant Real Estate Investment Trust (Sabana Reit): Investment management firm Quarz Capital has raised its stake in Sabana Reit slightly from 5 per cent as at late-July to 6 per cent on Monday. In a statement, Quarz's chief investment officer Jan Moermann reiterated Quarz's and Black Crane Capital's intention to vote down the proposed merger between Sabana Reit and ESR-Reit at the current transaction terms. Sabana Reit units closed flat at 37.5 Singapore cents on Monday, while units of ESR-Reit finished at 40 Singapore cents, up 0.5 cent or 1.3 per cent.
Q&M Dental Group: A subsidiary of mainboard-listed Q&M, Acumen Diagnostics, has been granted a licence to operate a clinical laboratory to conduct testing for the virus that causes Covid-19. Q&M shares ended at 47.5 Singapore cents on Tuesday, up 2.5 cents or 5.6 per cent, before this announcement.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Keppel Corporation: The conglomerate, through its unit Kepventure, has entered a joint venture with Liquid Group, a Singapore-based QR payment services provider, to develop and implement a customer reward programme for Keppel Group entities. Keppel Corp shares closed at S$4.14 on Tuesday, down S$0.02 or 0.5 per cent, before this announcement.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Wall Street bonus rules return to regulatory agenda in third try
US: Nasdaq, S&P tumble as Netflix, chip stocks drag
Europe: L’Oreal gains cap third week of declines
China to facilitate Hong Kong IPOs and expand Stock Connect
Global equity funds see surge in outflows as rate cut hopes fade
Israel hits back, markets react; STI down 0.4%