Market Snapshot
Singapore stocks opened higher on Monday. STI rose 0.32%; Nio rose 4.32%; Oiltek rose 4.41%; SIA rose 0.44%; Keppel fell 0.3%.
Stocks to Watch
THE following companies saw new developments that may affect trading of their securities on Monday (Jun 3):
Nio: The Chinese electric carmaker delivered a record high monthly delivery of 20,544 cars in May 2024, which represents a 233.8 per cent year-on-year increase. By the end of May, Nio’s cumulative deliveries since inception reached 515,811 cars. Shares of the mainboard-listed company climbed 8.1 per cent or US$0.40 to US$5.32 last Friday, before the announcement.
Sembcorp Industries: Sembcorp Development, a wholly owned subsidiary of Sembcorp Industries, has added three industrial parks in Vietnam to its expanding portfolio of low-carbon industrial parks. Sembcorp’s effective shares in the three new projects range from 24.6 to 49.3 per cent. Shares of the mainboard-listed company were down 0.8 per cent or S$0.04 to S$5.09 on Friday, before the announcement.
Paragon Reit: The real estate investment trust is in advanced negotiations with a private investor to sell The Rail Mall in Upper Bukit Timah at a price understood to be slightly higher than S$80 million. The single-storey strip mall was valued at S$62 million as at Dec 31, 2023. Units of Paragon Reit closed 1.2 per cent or S$0.01 higher at S$0.855 on Friday, before the news.
Oiltek International: The renewable energy solutions provider on Monday said it secured new contracts worth RM94.8 million (S$27.2 million) from Malaysia, Indonesia and Kenya. This brings the group’s order book, which is expected to be fulfilled over the next 18 to 24 months, to a record high of RM400.5 million. Shares of Oiltek ended S$0.01 or 2.9 per cent lower at S$0.34 last Friday.
SG Local News
Ship snarls in Singapore, strong US demand show crosscurrents
The ricochet effect of ships circling back to Asia — now knocked off their timetables — is contributing to bottlenecks in ports like China’s Shanghai-Ningbo and Singapore. Jebel Ali in the United Arab Emirates is having congestion issues, too, because of its proximity to the Red Sea and because it’s a major trans-shipment hub for freight moving through Dubai on both ocean and air carriers.
Singapore, home to the world’s second-biggest container port, issued a statement last week explaining how it’s experienced a significant increase in arrivals since the start of 2024, leading to an 8.8% rise in container volumes in January through April from a year earlier. Waits for some vessels are two to three days, the port authority said.
Blackstone Marketing Singapore Worker Housing Portfolio for $481M
Blackstone is marketing a portfolio of foreign worker dormitories in Singapore at a guide price of S$650 million ($480.7 million) after holding the properties for more than a decade, Mingtiandi has learned.
The private equity giant has appointed Barclays to market the Avery Lodge portfolio, a set of four purpose-built worker compounds spanning 1,709 units, according to sources who spoke with Mingtiandi this week.
Singapore, Ukraine Reaffirm Ties, Ink Air Connectivity Agreement
Ukraine President Volodymyr Zelenskyy and Singapore President Tharman Shanmugaratnam on Sunday (Jun 2) reaffirmed the "warm and friendly" ties between both countries.
Singapore and Ukraine also inked an agreement that would pave the way for increased air connectivity between the nations, said the Singapore Ministry of Foreign Affairs (MFA).
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