MARKET UPDATES :
- THE second major market disruption in a month on Wednesday led to an apology by the chief executive of the Singapore Exchange (SGX) and a warning of possible action by the Monetary Authority of Singapore (MAS). But while SGX CEO Magnus Bocker described the decision to delay the stock market’s open as a prudent move to ensure a level playing field for retail investors, others worried about an erosion of market confidence.
- HDB resale prices fell 0.8 per cent month-on-month in November, and 6.3 per cent year-on-year, to a 40-month low, according to the Singapore Real Estate Exchange’s (SRX) HDB price index. SRX Property said on Thursday morning that HDB resale volumes have also slipped. 1,350 HDB flats were sold on the resale market in November, a 13.1 per cent drop from 1,553 units in October, according to data compiled by SRX Property. But more flats changed hands last month than in November 2013 – resale volume was 11.4 per cent higher.
- Singapore’s Universal Terminal has postponed its up to S$1 billion (US$762 million) business trust initial public offering of oil storage terminals due to uncertain market conditions, IFR reported. Listing is now targeted for before the Chinese new year in February, a source close to the deal said, IFR reported. “The company is monitoring the market conditions,” the source said, according to IFR.
- SINGAPORE’S Land Transport Authority (LTA) on Friday introduced a basic regulatory framework for third-party taxi-booking apps, in the latest move by a government to regulate such services that observers said have disrupted the taxi industry globally. The new rules – designed to “safeguard commuter safety and interests” and expected to come into effect by the second quarter of 2015 – were welcomed by all four major players here: Malaysia-based GrabTaxi, Rocket Internet-backed Easy Taxi, San Francisco’s Uber and the most recent entrant, Hailo.
