Daily Briefing: Property stocks fall after surprise government tightening; SGX share price slips 8% in 2 months

And a SIA-returned plane is acquired by a German firm.

From Bloomberg:

City Development and UOL stocks slipped to more than 14.0% shortly after the unexpected property tightening measures made following the central bank's remark that the market has became "euphoric."

"Singapore property and bank stocks led declines on the benchmark stock index Friday after the government unexpectedly tightened property curbs to cool a market the central bank described as euphoric. City Developments Ltd. and UOL Group Ltd. fell more than 14% each.

The index tracking property stocks dropped 1.4% as of 9:02 a.m. in Singapore Friday, set for the lowest close in more than 15 months. It had risen the most in two weeks Thursday despite a warning from the central bank chief the previous day that there was "a euphoria" in the housing market. Bank shares also fell."

Read more here.

From The Motley Fool:

Singapore Exchange (SGX) stock price slipped 8% to $7.16 in 2 months that could either be due to business performance or investor sentiment.

"Singapore Exchange Limited (SGX: S68) or SGX for short, is the only stock exchange in Singapore. Over the last two months, the company’s stock price has fallen by about 8% to $7.16 (at the time of writing). What may have caused this?

There can be many reasons behind a stock’s price decline. But, the reasons can generally be classified as business-performance-related, or investor-sentiment-related."

Read more here:

From Reuters:

A SIA-returned A380 jet is acquired by Doric Aviation as SIA decided not to renew a 10-year lease on some of its aircrafts.

"An Airbus (AIR.PA) A380 jet returned by Singapore Airlines has found a home with Portuguese leasing firm HiFly.

HiFly and the plane’s owner Doric Aviation formalized the deal in time for this month’s Farnborough Airshow, where Airbus and investors in the world’s largest airliner will be striving to demonstrate that it has a future, industry sources said.

Singapore Airlines opted not to renew the 10-year lease on those aircraft, though it has also ordered some new planes."

Read more here.

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