Market Snapshot
Singapore stocks opened higher on Thursday. STI rose 0.2%; Olam rose 2.5%; SingPost rose 0.9%; NIO rose 0.7%; Yangzijiang Shipbuilding fell 1%; Top Glove fell 1.2%.
Stocks to Watch
NIO Inc.: The Chinese electric vehicle maker on Wednesday announced it delivered a record 72,689 vehicles in the fourth quarter of 2024, 45.2 per cent higher than the previous year. The numbers for December were at a monthly high, with the company delivering 31,138 vehicles, up 72.9 per cent from the year-ago period. Shares of Nio on the Singapore Exchange closed US$0.06 or 1.3 per cent lower at US$4.51.
SingPost: The postal services provider has appointed Neo Su Yin, 44, as its group chief operating officer, effective Jan 2. She will oversee the group’s Singapore and international business units and property, said SingPost on Thursday. The counter closed 1.9 per cent or S$0.01 higher at S$0.53 on Tuesday.
Digital Core Reit: Its manager on Thursday said a customer’s option for lease renewal at the real estate investment trust’s 8217 Linton Hall asset in Northern Virginia had expired unexercised. The customer currently occupies the entire building, and is expected to move out after the lease expires on Jun 30, 2025. Units of Digital Core Reit ended Tuesday flat at US$0.58.
Trendlines: The startup incubator on Thursday said it was alerted to a “potential issue of misappropriation of funds” from the accounts of its Singapore subsidiary, Trendlines Agrifood Innovation Centre, on Dec 30. A police report was lodged the following day, and the group said it will provide an update on the total amount misappropriated once investigations have concluded. Its shares closed Tuesday unchanged at S$0.051.
SG Local News
Singapore’s Economy Grew 4% in 2024; Q4 GDP Comes in at 4.3%
Singapore’s economy expanded 4 per cent year on year in 2024, faster than the 1.1 per cent growth recorded in the previous year, advance estimates from the Ministry of Trade and Industry (MTI) showed on Thursday (Jan 2) morning.
This makes last year’s gross domestic product (GDP) better than the official forecast of “around 3.5 per cent” that MTI had narrowed to last November.
Fourth quarter GDP growth came in at 4.3 per cent, slower than the revised 5.4 per cent recorded in Q3. This was as growth for the manufacturing sector decelerated to 4.2 per cent, from a jump of 11.1 per cent in the previous quarter. For the full-year, manufacturing grew 3.6 per cent year on year.
Singapore Manufacturing Expected to Stay Strong in 2025, Though Trump’S Trade Policies Cloud Outlook
Singapore’s manufacturing sector is set to sustain robust growth in 2025, though expectations have been tempered by uncertainty surrounding incoming US president Donald Trump’s trade policies.
“Overall, we view the manufacturing sector quite favourably for continued growth in 2025,” said Lennon Tan, president of the Singapore Manufacturing Federation (SMF).
“Of course, the caveat is always how the evolving geopolitical landscape may change things and disrupt supply.”
He expects 2025’s manufacturing growth to hold steady at this year’s rate, “barring any unforeseen situations”, though he did not state a specific estimate.
Johor-Singapore SEZ Poised to Absorb Singapore’S Lower-Skilled Jobs – but That May Be the Point
The upcoming Johor-Singapore Special Economic Zone (SEZ) is shaping up to be more than just a symbol of cross-border collaboration – it might soon become the new hub for lower-skilled jobs currently filled by foreign workers in Singapore.
Rather than being a drawback, this shift could align with the economic objectives of both nations.
Situated just across the Causeway, the SEZ presents a compelling proposition for Singapore firms aiming to reduce costs, while retaining access to the Republic’s markets and infrastructure.
This proximity allows businesses to transfer labour-intensive operations to Johor while keeping high-value roles in Singapore, thus complementing the Republic’s ambitions to move up the value chain.
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