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The Singapore Stock Market Today: PropNex Limited Makes Its Trading Debut

Sudhan P.

Welcome to a brand-new week, everyone. Here are three things about the local stock market that you might be interested in today.

1. The Straits Times Index (SGX: ^STI) ended the day down 0.9% to 3,238.9. Of the 30 index stocks, 26 were in the red; two were in the green while the rest finished unchanged.

The biggest loser among the blue-chip stocks was ComfortDelGro Corporation Ltd (SGX: C52); its shares tumbled 3.8% to S$2.26 apiece.

On the other hand, the STI component that gained the most was Jardine Strategic Holdings Limited (SGX: J37), inching up 0.5% to US$36.65. The only other gainer in the index was Jardine Matheson Holdings Limited (SGX: J36).

2. Asian Healthcare Specialists Limited (SGX: 1J3) announced today that its wholly-owned subsidiary, The Orthopaedic Centre (International) Pte Ltd, has entered into an agreement with All-Star American Medical Specialists (Myanmar) Ltd to provide consultancy services to both outpatients and inpatients. This includes surgical services for patients at the Grand Hantha International Hospital in Yangon, Myanmar. All-Star American Medical Specialists provides and manages specialist medical services at the hospital.

Asian Healthcare Specialists is made up of five senior and experienced orthopaedic medical specialists operating at four clinics under The Orthopaedic Centre brand. Together, they provide a wide range of general and sub-specialised orthopaedic, trauma and sports services.

Shares in Asian Healthcare Specialists ended the day flat at S$0.265 each.

3. PropNex Limited (SGX: OYY) made its trading debut today at S$0.685 per share, up from its initial public offering (IPO) price of S$0.65. The public tranche of its shares was subscribed by 24.6 times.

PropNex is an integrated real estate services group. It has four business segments, and they are real estate brokerage, training, property management, and real estate consultancy. The real estate brokerage arm operates PropNex Realty Pte Ltd, which is Singapore’s largest real estate agency by salespeople.

Ismail Gafoor, co-founder, executive chairman and chief executive of PropNex, said:

“PropNex has grown rapidly from strength to strength from a small agency back in 2000 to become Singapore’s largest homegrown real estate agency by number of agents, offering a wide range of services in real estate brokerage, project marketing, training, property management and real estate consultancy. Our IPO is yet another exciting milestone for us as it provides a platform for PropNex to not only further solidify our position in Singapore, but also access to the capital market to expand our business into new consultancy services as well as promising geographical markets, such as Vietnam and other Southeast Asian countries.”

Shares in the firm rose as high at S$0.79 each during the day, before closing at S$0.715 apiece. You can head here to know more about the IPO.

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore contributor Sudhan P doesn't own shares in any companies mentioned.