Market Snapshot
Singapore stocks opened lower on Thursday. STI fell 0.3%; Yoma Strategic rose 3.1%; NIO rose 2%; SIA Engineering rose 1.3%.
Stocks to Watch
StarHub : The telco has appointed DBS Singapore group executive and country head Han Kwee Juan as its independent director as of Sep 1. He will also be appointed as a member of the company’s risk and sustainability committee. Shares of StarHub closed 3.2 per cent or S$0.04 lower at S$1.22 on Wednesday, before the announcement.
LHN : The real estate management services group has secured 250 more keys across projects in Upper Bukit Timah Road and Middle Road. This takes its total to 2,784 keys under management as at June this year, said the mainboard-listed company on Thursday, in its third-quarter business update. It also secured 28 new facilities management contracts in the recorded period. The counter closed flat at S$0.325 on Wednesday.
SG Local News
Singapore Dollar up 3% Against US Dollar Since July, Sharp Rally Sees It Hit 1.31 Level
The Singapore dollar has rallied to a high against a weaker greenback as investors look to widely expected cuts in interest rates by the United States Federal Reserve in the months ahead.
The Singdollar has strengthened some 3 per cent in the past month, crossing below the 1.31 level on Aug 19. It reached 1.3042 at 8.30am on Aug 21 and was trading at 1.3071 at 3.06pm local time.
Singapore, Malaysia Want to Build Their Own Shenzhen-Style Mega-Hub
A bid to turn one of the world’s busiest border regions into a trading and transportation mega-hub could bolster the economies of Singapore and Malaysia and help cement Malaysia Prime Minister Anwar Ibrahim’s grip on power — if a long history of political roadblocks and delays don’t stand in the way.
Negotiators from both nations are finalizing an accord to designate part of Malaysia’s southern Johor state as a cross-border special economic zone (SEZ) before the end of the year. Tech firms including Nvidia Corp. and GDS Holdings Ltd. are already investing in data-center parks that are expected to benefit — and expand — under the agreement.
RE&S Holdings Earnings Down by 0.7% Y-O-Y to $7.59 Mil in FY2024
Japanese multi-brand food and beverage operator RE&S Hldg has reported a profit of $7.59 million for its FY2024 ended June 30, 0.7% lower compared to the corresponding period the previous year.
Earning per share similarly fell to 2.1 cents, compared to 2.2 cents in 1HFY2023.
Revenue grew by 3% y-o-y for 1HFY2024 to $179.25 million from $174.06 million in 1HFY2023, primarily due to the increase in revenue contribution from quick-service restaurants (QSR), convenience and others.
Court of Appeal Upholds Dismissal of Winson’s Claim Against OCBC and StanChart
The Court of Appeal has on Wednesday (Aug 21) reaffirmed the High Court’s decision to dismiss Winson Oil Trading’s claim against OCBC and Standard Chartered (StanChart) over a US$60.9 million payment dispute.
The energy trading company brought suits against the two banks for payment under two letters of credit (LCs) over transactions with collapsed oil trader Hin Leong Trading in 2020. Its claim was dismissed by the High Court in August last year on the basis of “fraud exception”.
The court said that Winson had prepared its letters of indemnity (LOIs) to the banks for payment under LCs based on forged bills of lading (BLs), knowingly or without belief in its truth. This includes cases where the company was reckless in the sense of being indifferent to the truth of a false representation.
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