You are here
Stocks to watch: Mapletree Logistics Trust, Nam Cheong, OSIM
MAPLETREE Logistics Trust (MLT) has acquired two logistics warehouses in China for 402.8 million yuan (S$83.4 million).
They are Mapletree Yangshan Bonded Logistics Park, a grade-A logistics facility in Shanghai, and Mapletree Zhengzhou Logistics Park in Zhengzhou.
The purchases were completed on Wednesday and are part of MLT's investment strategy to expand in markets such as China.
Mainboard-listed OSIM International has said that there is no ongoing discussions that could explain why its stock prices fell over the past two days.
This comes after the Singapore Exchange (SGX) issued the massage chair maker with a warning for unusual trading activity in its shares.
OSIM's share price fell by 9.8 per cent in total over Tuesday and Wednesday.
Nam Cheong Ltd, Malaysia's biggest builder of offshore support vessels (OSVs), said it expects record deliveries this year and next.
This comes as the company's focus on shallow-water oil search products helps it withstand a drop in crude-oil prices.
Crude-oil prices dropped to US$88.85 a barrel on Oct 7, the lowest close since April 22 last year, on the New York Mercantile Exchange.
Nam Cheong shares closed down S$0.015 to S$0.435 on Wednesday.
In general, oil and gas stocks trended lower last week, as benchmark crude oil prices continued to decline on rising supplies and expectations of slower demand growth.
It was reported last week that the Organization of the Petroleum Exporting Countries' (Opec) crude oil supply rose to its highest point since November 2012 last month on recovery in Libya and higher output from Saudi Arabia, the world's swing producer for crude oil.
Global benchmark crude oil prices reacted sharply to the news, as it came at a time when the tight oil revolution in the United States is already causing a supply glut in one of the world's largest importer of the black gold.
In addition to that, earlier last month, the International Energy Agency in its latest monthly report also cut its forecast for the growth in global oil demand this year. It now expects global oil demand, which stood at around 90.5 million barrels per day last year, to increase by just around 0.9 million barrels per day this year.