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Singapore shares open lower on Friday


SINGAPORE share prices opened a marginal 0.38 per cent lower on Friday, with the Straits Times Index (STI) down 11.03 points to 2,873.66 at 9am.

US markets were closed for the Thanksgiving holiday on Thursday, but European shares hit three-month highs as expectations grew for aggressive European Central Bank action next week.

In Asia, Tokyo stocks opened 0.25 per cent higher on Friday as the weak yen boosted exporter shares.

The Nikkei 225 at the Tokyo Stock Exchange added 49.64 points to 19,994.05 in early dealing, while the broader Topix index of all first-section shares rose 0.15 per cent, or 2.38 points, to 1,604.70, according to AFP.

Singapore's STI had slipped 6.89 points or 0.24 per cent on Thursday to finish the day at 2,884.69.

On Friday morning, among the most active counters were QT Vascular (up 4.3 per cent to S$0.097) and Tiger Airways (up 1.2 per cent to S$0.41.)

On Thursday, a three-judge panel of the Federal Circuit in the US Court of Appeals had granted a motion to maintain the enforcement of the trial court's judgement, pending an appeal by QT Vascular and its CEO Eitan Konstantino. A Californian judge in July had earlier awarded US$20.4 million to AngioScore against Dr Konstantino, QT, and its related units. As a result of this order, AngioScore is not permitted to seek enforcement of the trial court's judgement while the appeal is pending.

As for Tiger Airways, it is currently undergoing a takeover by Singapore Airlines (SIA). On Tuesday, the Securities Investors Association (Singapore) raised the concerns of Tigerair's minority shareholders with SIA, flagging that the minority shareholders feel SIA's offer price to delist and privatise the budget carrier is too low.

Banks like OCBC and UOB were also heavily traded but down on Friday; property firms like Global Logistic Properties and CapitaLand Mall Trust were among the top 10 most active but their prices were flat.

Overall on the stock market, 34.9 million shares worth S$108.6 million changed hands, with losers outnumbering gainers 57 to 31 at 9am.