PropNex share price spike triggers SGX query; APAC Realty up 7.9%
Singapore
SHARES of mainboard-listed real estate service providers PropNex and APAC Realty surged on Thursday, even as fresh Urban Redevelopment Authority (URA) data showed a third consecutive month-on-month decline in new private home sales in June.
Shares of PropNex rose 5.53 per cent or S$0.11 to S$2.10 at Thursday's close, while shares of APAC Realty, which owns ERA Realty Network, ended 7.9 per cent or 6 Singapore cents higher at 82 cents.
No married deals took place throughout the day.
Shares of PropNex and APAC Realty climbed in early trade on Thursday before URA's afternoon announcement. Shares of PropNex rose as much as 11.1 per cent or S$0.22 to S$2.21 with 1.1 million shares changing hands as at 9.41am.
This prompted a query from Singapore Exchange Regulation (SGX Regco) over its "unusual" price movements. In the query issued at 9.53am, SGX Regco asked PropNex if it was aware of any information not previously announced that might explain the unusual trading activity.
Responding late on Thursday night, PropNex said it was not aware of information that might explain the trading. As for any other possible explanation, PropNex noted Singapore's continued economic recovery and strong property transaction volumes in the first half of the year. "As Singapore's largest listed real-estate agency, PropNex Limited is a direct beneficiary of the resilient Singapore property market and the positive economic outlook," said PropNex.
It confirmed that it remained in compliance with listing rules.
APAC Realty also saw its share price jump in early trade on Thursday. Its shares rose by as much as 13.2 per cent or S$0.10 to S$0.86 with 4.9 million shares changing hands as at 10.02am.
Developers in Singapore sold 872 new private homes in June, down from 895 units sold in May, showed URA data - broadly in line with flash estimates published by The Business Times on July 14. New private home sales were muted in June due to the lack of new launches amid Covid-19 restrictions, noted analysts.
