Stocks to watch: Prudential, PEC

THE following companies saw new developments that may affect trading of their securities on Thursday (Aug 29):

Prudential : Its new business profit – a measure of profitability for insurance businesses – fell 1 per cent to US$1.47 billion on an actual exchange rate basis for the first half ended Jun 30, from US$1.49 billion a year earlier. The Asia-focused insurer on Wednesday attributed this marginal decline to high base effects across many markets last year. Shares of Prudential closed flat at US$8.99 on the Singapore Exchange, after the news.

PEC : Its net profit surged 176 per cent to S$10.8 million for the second half ended Jun 30, from S$3.9 million in the previous corresponding period. The increase was mainly due to a rise in the number of projects and maintenance works from overseas, said the engineering company on Wednesday. Its board has proposed an ordinary dividend of S$0.02 per share, and a special dividend of S$0.015 per share for the full year. The counter closed 4.9 per cent or S$0.025 higher at S$0.535, before the news.