STI closes up as traders await Friday's economic data


SINGAPORE - The local market was fairly flat on Monday (Oct 9), as traders hold their breath ahead of Friday's economic data estimates.

The benchmark Straits Times Index (STI) closed up by 0.27 point, or 0.01 per cent, at 3,291.56 points.

But good news on the company front spurred on some stocks.

Global Logistics Properties, which has received the Singapore Exchange's in-principle approval for its decision to delist, was up by one cent, or 0.3 per cent, to S$3.31 on a turnover of 27.7 million shares.

Sembcorp Marine, which on Oct 6 announced a US$1.3 billion (S$1.8 billion) rig sale to Borr Drilling, got a boost upon last Friday's confirmation that the deal was going ahead.

The counter rose by eight cents, or 4.6 per cent, to $1.815 on a turnover of more than 19.6 million shares.

Separately-listed Sembcorp Industries also saw a lift, adding nine cents, or almost 3 per cent, to S$3.11.

City Developments Limited (CDL), which clinched the Amber Park collective sale, closed higher by 15 cents, or 1.3 per cent, at S$11.75.

It had announced earlier in the day a possible £1.794 billion (S$3.2 billion) cash offer for all the remaining shares in Millennium & Copthorne Hotels that CDL units do not already own.

Meanwhile, national carrier Singapore Airlines shed six cents, or 0.6 per cent, to close at S$10.22, after media reports on the airline's more than 50 cost-cutting initiatives.