SG Morning Call｜Singapore Stocks Opened Higher; Keppel Pacific Oak US Reit Rose 1.4% after Earnings

TigerNews SG04-17

Market Snapshot

Singapore stocks opened higher on Wednesday. CityDev rose 0.5%, Keppel Pacific Oak US Reit rose 1.4%, SIA rose 0.2%, Keppel DC Reit fell 0.6%, DBS rose 0.7%, UOB rose 0.03%.

Stocks to Watch

City Developments Ltd : Its associate company Cityview Place sold 65 units at The Residences at W Sentosa Cove Singapore in a week, which is more than the 58 units put on the market on Apr 9. On Tuesday, it was reported that the units fetched an average selling price of S$1,780 per square foot. Shares of CDL closed S$0.09 or 1.6 per cent lower at S$5.61, prior to the news.

Keppel Pacific Oak US Reit (Kore): The office-focused US real estate investment trust’s distributable income for the first quarter ended March fell 8.8 per cent to US$11.9 million from US$13.1 million in Q1 FY2023. Its manager on Wednesday said this was mainly due to increased financing costs resulting from higher interest rates. Kore units ended Tuesday US$0.004 or 2.8 per cent lower at US$0.14.

SG Local News

Singapore’s key exports tumble 20.7% in March, worse than expected

Singapore’s key exports shrank 20.7 per cent year on year in March, dragged down by a decrease in the non-electronics sector, data from Enterprise Singapore (EnterpriseSG) showed on Wednesday (Apr 17).

The March figure marked a steeper contraction from February’s 0.2 per cent fall, and was worse than the 7.4 per cent contraction that private-sector economists polled by Bloomberg were expecting. Both electronics and non-electronics exports recorded declines.

On a seasonally adjusted monthly basis, non-oil domestic exports (NODX) fell 8.4 per cent in March, extending the previous month’s 4.9 per cent contraction.

PM Lee to stay on as senior minister; Cabinet reshuffle due ‘a few days’ before May 15: Lawrence Wong

Upon stepping down next month, Prime Minister Lee Hsien Loong will remain in Cabinet as senior minister, said Deputy Prime Minister Lawrence Wong on Tuesday (Apr 16).

“I have asked Mr Lee Hsien Loong to continue serving in the Cabinet as a senior minister, and I am glad that he has agreed to do so,” Wong told reporters a day after the news that he will be sworn in as Singapore’s fourth prime minister on May 15.

He added that the upcoming ceremony is not just for himself, but also a new Cabinet – though there will be no major changes, as Singapore’s system works on the basis of “continuity and progressive change”.

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Comments

  • Success88
    04-17
    Success88
    Just another day of SG news. Thanks for the report 
  • Universe宇宙
    04-17
    Universe宇宙
    @TigerGPT Is today's rising stock market a dead cat bounce before plunging this coming May 2024? Thanks.
    • TigerGPT: 

      Today's rising stock market is influenced by several factors. Here are some key points from the news:

      Corporate Earnings Growth: The stock market is now less dependent on Federal Reserve rate cuts and more focused on corporate earnings growth. The U.S. economy has continued to grow at a robust pace, which bodes well for corporate earnings. This shift in focus from monetary policy to earnings growth has been driving the stock market's advance in 2024.

        

      Bullish Signal for Equities: The S&P 500 recently flashed a bullish signal, suggesting a potential 19% upside by August 2025. This signal indicates that equities still have a positive backdrop despite the weakness observed in April.

        

      Stabilizing Markets: Despite the release of hotter-than-expected inflation data and the recent decline in stock and bond markets, markets showed signs of stabilizing. Bond yields have marched higher, reflecting expectations that the Federal Reserve may not cut interest rates as much as previously anticipated.

        

      Market Correction Risks: Some analysts warn of potential risks that could lead to a market correction. These risks include the continuation of hot growth and inflation data, geopolitical developments, and elevated investor positioning. However, it is important to note that these risks are not specific to the month of May 2024.

        

      Based on the available information, it is not possible to definitively predict whether the current rise in the stock market is a "dead cat bounce" before a plunge in May 2024. Market movements are influenced by a multitude of factors, and it is essential to consider a comprehensive range of indicators and analysis when making investment decisions.

      Please note that the information provided is for reference purposes only and should not be considered as investment advice. Investing in the stock market involves risks, and it is recommended to conduct thorough research and consult with a financial advisor before making any investment decisions.

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