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The mystery of PropNex’s share price surge

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Ben Paul

Ben Paul

Published Tue, May 2, 2023 · 05:50 AM
    • PropNex itself does not seem too worried about the most recent ABSD hike having an adverse impact on its business – and it may be justified in shrugging this off.
    • PropNex itself does not seem too worried about the most recent ABSD hike having an adverse impact on its business – and it may be justified in shrugging this off. PHOTO: BT FILE

    IT IS probably a mistake to bet against the resilience of Singapore’s residential property sector – even in the wake of an unexpected round of cooling measures. But the remarkable buoyancy of PropNex’s share price might prove to be a short-lived anomaly.

    On Thursday (Apr 27) – the first trading day after the government announced further hikes in Additional Buyer’s Stamp Duty (ABSD) – PropNex closed at S$2.01, down more than 6.5 per cent versus the previous day’s close of S$2.15.

    On Friday, when PropNex began trading ex for its final dividend of S$0.08 per share and a one-for-one bonus issue, the stock closed at S$1.25. This was 29.5 per cent above the previous day’s price, after adjusting for the dividend and bonus issue.

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