Big GLP parcel traded on ho-hum day
Total transacted volume in GLP forms 48 per cent of the S$2.2 billion done by the whole market
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THE crossing of a large parcel of Global Logistic Properties (GLP) shares worth S$964 million lent some respectability to the total volume figure on Thursday but it did little to dispel the notion of a market stuck in a trading range, mired in low liquidity while looking for inspiration but finding none.
As it turned out, the total volume done in GLP of S$1.06 billion formed 48 per cent of the S$2.2 billion done by the whole market, the GLP total boosted by the parcel of 351.6 million shares which crossed at S$2.74 per share. The counter ended S$0.08 higher at S$2.82 on total turnover of 387 million.
Stripping out GLP's volume, turnover amounted to S$1.14 billion, slightly better than recent disappointing totals. "This is the market's new normal," said a dealer. "Low volume and low interest even if we have low valuations."
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