Uncertainties in the global macroeconomic environment remain. In the Euro zone, there were
concerns that weak growth and low inflation could lead to a deflationary environment which would
tamper demand for goods and services. In the United States, concerns about the uneven pace of
economic recovery resulted in the Federal Reserve holding back its decision to raise the federal
funds rate, which created uncertainty in the global financial market, and weighed down business
sentiment. China registered a slight decrease in growth rate, while the country continued its
restructuring efforts to reorient the economy towards consumption. On-going geopolitical tensions
involving Russia and Ukraine, and key oil producers in the Middle East and North Africa pose
downside risks to the global economy.
During the year, CMT’s unit price increased 7.1% to close at S$2.040, compared to S$1.905 at the
beginning of the year and outperformed the Straits Times Index (STI) and FTSE ST Real Estate (RE)
Index, which rose 6.2% and 6.8% respectively at the end of 2014. The FTSE ST Real Estate
Investment Trusts (REIT) Index ended the year 9.2% higher.
As at 31 December 2014, CMT’s market capitalisation was approximately S$7.1 billion. The stock’s
trading volume in 2014 reached approximately 2.0 billion units, translating to an average daily trading
volume of approximately 7.9 million units.
Trading Data by Year
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Unit Price (S$)
Highest
2.66 2.93 4.32 3.75 1.87 2.15 2.00 2.20 2.38 2.09
Lowest
1.73 2.01 2.76 1.38 0.98 1.67 1.64 1.71 1.82 1.80
Average Closing
2.25 2.40 3.64 2.78 1.50 1.91 1.85 1.91 2.05 1.95
Last Done at Year-end
2.24 2.91 3.46 1.59 1.80 1.95 1.70 2.13 1.905 2.04
Trading Volume (million units)
353.7 549.6 1,111.6 1,380.6 2,554.8 1,435.3 1,672.9 1,877.2 2,137.5 1,994.9
Average Daily Trading Volume
(million units)
1.4
2.2
4.5
5.5 10.2
5.7
6.7
7.5
8.5
7.9
Net Asset Value Per Unit
1
1.64 1.87 2.21 2.41 1.54 1.53 1.56 1.64 1.71 1.79
1 Excluding the distribution to be paid for the last quarter of the respective financial year.
Unit Price Performance
96 | CapitaMall Trust Annual Report 2014
