Two days ago I broke a story about how Orchard Road’s first new malls in a decade are set to open over the next few months… with many empty shops (article republished here on AsiaOne).
After the opening bell, Bloomberg Singapore decided that a 0.8 per cent fall in the Straits Times Index was my fault.
Singapore Stocks: CapitaMall, Chartered Semi, Cosco Corp. c.2009 Bloomberg News By Jonathan Burgos March 12 (Bloomberg) – Singapore’s Straits Times Index fell 0.8 percent to 1,493.74 at 10:16 a.m. local time, erasing gains of as much as 0.5 percent earlier. Three stocks dropped for each that rose among the gauge’s 30 constituents. The following companies are among the most active in the stock market today. Stock symbols are in parentheses after company names. Shopping mall operators: CapitaMall Trust (CT SP), partly owned by CapitaLand Ltd., lost 4.8 percent to S$1 after the Straits Times reported that Singapore’s recession is deterring tenants from leasing retail space at new malls along the Orchard Road shopping belt. Citing industry executives, the newspaper said a new mall built by Lend Lease Corp. has occupancy of 50 percent to 70 percent, while another being constructed by CapitaLand Ltd. (CAPL SP) and Sun Hung Kai Properties Ltd. had so far leased 50 percent of the space. CapitaLand slipped 1.6 percent to S$1.90. Suntec Real Estate Investment Trust (SUN SP), one of two REITs controlled by Hong Kong billionaire Li Ka-shing in Singapore, dropped 2.9 percent to 49.5 cents.
It’s a stretch on their part, clearly, but it’s a pretty sweet feeling.