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Stocks to watch: SGX, Hatten Land, Progen, Vallianz
THE following companies saw new developments that may affect trading of their shares on Monday:
Singapore Exchange (SGX): India's national stock exchanges will stop providing data feeds to foreign rivals and eventually halt the trading of offshore derivatives tied to India's benchmark indices, as part of a concerted move to protect their turf, and prevent trading volumes from moving overseas. The SGX, which offers the popular SGX Nifty 50 index futures, was busy soothing market participants over the weekend. In a statement on Sunday, the SGX said that the market for its entire India suite of products will operate as per normal on Monday. SGX's shares last traded 1.5 per cent lower to close at S$7.89 on Friday.
Hatten Land Limited: Malaysian property developer, Hatten Land Limited's net profit fell 49.4 per cent to RM10.8 million (S$3.63 million) for the second quarter ended Dec 31, 2017, on the back of higher selling and distribution expenses, as well as general and administrative expenses. This translated to an earnings per share of 0.79 sen for the quarter, down from 1.80 sens last year. No dividend has been declared for the second quarter of fiscal 2018, unchanged from the previous year. Shares of Hatten last traded down 6.86 per cent to S$0.16 on Friday.
Progen Holdings: Progen expects to report a net loss for 2017 due to lower revenue and fair value losses on investment property. The investment holding and air-conditioning company said that it will provide more details when it announces its results by March 1. This will be Progen's second straight year of losses. Progen stock last traded at five Singapore cents on Friday.
Vallianz Holdings: Improved operating profits helped boost third-quarter earnings at Vallianz by 26.2 per cent. The offshore support vessel owner and operator on Monday announced a net profit of US$5.9 million for the three months to Dec 31, up on the US$4.7 million in the same period a year earlier. Earnings per share was unchanged at 0.13 US cent. Shares of the group closed at 1.3 Singapore cents last Friday.