STI rebounds to 4,400 mark on Wall Street highs : SIAS

Mandarin Oriental’s privatisation offer and Seatrium’s legal affairs were key activities.

The Straits Times Index (STI) rebounded about 94 points or 2.17% to 4,422.21 last week after dropping 100 points the previous week, underpinned by a firm Wall Street where all three major indices finished the week at all-time highs.

It was also boosted by Jardine Matheson’s privatisation offer for Mandarin Oriental and Seatrium rejecting contract termination from Maesrk' as the key activities, Securities Investors Association Singapore (SIAS) said.

Shares of Mandarin Oriental (MO) surged as much as 36.7% on Tuesday on the back of a privatisation offer from controlling shareholder Jardine Matheson (JM), whose shares also rose sharply.

MO eventually ended the week at $3.27 ($4.24), whilst JM finished the week at $61.73 ($79.96).

Seatrium said that it rejected the notice of termination of its $475m contract inked with a Maersk Offshore Wind affiliate in 2022.

The Maersk affiliate was “in repudiatory breach of the contract” and that Seatrium “reserved all its rights against the buyer for wrongful termination,” Seatrium added.

The STI could rise to nearly 10,000 points by 2040 if historical return patterns hold, SIAS said, citing DBS’ Singapore 2040 report.

The Singapore dollar could also reach parity with the greenback by 2040, amidst policy and safe-haven appeal, said SIAS, citing a report released on 22 October.

More details of the Value Unlock programme will be announced in November, said Chee Hong Tat, National Development Minister and Monetary Authority of Singapore deputy chairman.

The programme will have measures to help listed companies deliver shareholder value and engage shareholders on business plans, Tat said.

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