Singapore Exchange Ltd. (SGX), operator of Southeast Asia’s biggest
stock market, said first-quarter profit dropped 15 percent as stock and
derivatives trading volumes fell.
Net income was S$74.3 million
($61 million) in the three months ended Sept. 30, from S$87.5 million a year
ago, the company said in a statement today. That compares with the S$75 million
average of six analyst estimates compiled by Bloomberg. Operating revenue
declined 10 percent to S$160.5 million.
“Securities and derivatives
volumes have held up well relative to other markets,” Chief Executive Officer
Magnus Bocker said in the statement. “Open interest for derivatives contracts
achieved a record high in September, reflecting SGX’s stature as a clearing
house of choice in Asia. We are also pleased to see increased capital raising
activities this quarter.”
The average value of equities
traded daily slipped 15 percent to S$1.36 billion in the July-to-September
quarter from a year earlier, according to data compiled by Bloomberg. While
average daily derivatives trading volume dropped 4.8 percent to 306,811 from a
year earlier, open interest climbed to a record high of 2.3 million contracts
on Sept. 26, SGX said.
Companies raised about $1.7
billion from initial public offerings in Singapore in the three months through
Sept. 30, compared with $125 million in the same period last year. IHH
Healthcare Bhd. and Far East Hospitality Trust were among this year’s biggest
IPOs.
Lost IPOs
While SGX has been trying to woo
international companies to list on the city’s bourse, it lost IPOs such as
Manchester United Ltd., the English soccer team with a record 19 national
league championships, which listed in the U.S. Formula One’s stock sale in the
city, where it hosts the sport’s first night race, has been put on hold.
“The numbers are basically in
line with expectations,” said Leng Seng Choon, the co-head of research at DMG
& Partners Research Pte in Singapore. “There’s some improvement from the
mergers and acquisition activities in the recent quarter, that did help the
average daily turnover.”
Jonathan Burgos
Business & Investment Opportunities
YourVietnamExpert is a division of Saigon Business Corporation Pte Ltd, Incorporated in Singapore since 1994. As Your Business Companion, we propose a range of services in Strategy, Investment and Management, focusing Healthcare and Life Science with expertise in ASEAN. Since we are currently changing the platform of www.yourvietnamexpert.com, you may contact us at: sbc.pte@gmail.com, provisionally. Many thanks.
No comments:
Post a Comment