Market Snapshot
Singapore stocks opened flat on Monday. DBS fell 0.4%, UOB fell 0.2%, SingTel rose 1.3%, Seatrium rose 1.2%, Genting Singapore rose 0.6%.
Stocks to Watch
Keppel (BN4): The global asset manager and operator has achieved its first close for the Keppel Sustainable Urban Renewal Fund. On Monday, Keppel said this brings total funds under management in its sustainable urban renewal strategy to more than US$1.7 billion. The counter ended S$0.02 or 0.3 per cent lower at S$7.30 on Friday.
Straits Trading Company (S20): The investment company is selling one of its industrial properties in South Australia for A$52.7 million (S$46.3 million), or below valuation. The group said on Friday that the proposed sale is not expected to have a material impact on the earnings per share and net tangible assets per share of the group for the financial year ended Dec 31, 2023. Shares of Straits Trading closed S$0.01 or 0.7 per cent lower at S$1.44, before the news.
Sabana Industrial Real Estate Investment Trust (M1GU) (Sabana Reit): Activist investor Quarz Capital said on Friday that it has reached a resolution with property company ESR, after the latter initiated court proceedings over alleged defamatory statements made during Sabana Reit’s internalisation bid. Units of Sabana Reit closed flat at S$0.36, before the announcement.
SG Local News
MAS Unlikely to Ease Monetary Policy in April; Economists Eye July As Possibility
Singapore’s central bank is expected to stand pat at its next monetary policy review, said economists, some of whom believe it may begin easing by July.
The review by the Monetary Authority of Singapore (MAS) is expected to take place this week.
“There is no rush to relax monetary policy at this juncture, given an export-driven economic recovery and still-elevated inflation,” said Maybank economists Chua Hak Bin and Brian Lee.
They noted that MAS likely views the current monetary settings as “appropriate” to guide core inflation, which excludes accommodation and private transport, down to 2 per cent by early next year.
Singapore DPM Lawrence Wong to Visit Germany and France From Apr 8 to 13
Deputy Prime Minister and Minister for Finance Lawrence Wong will visit Germany from Apr 8 to 10 and France from Apr 10 to 13.
He will call on German Chancellor Olaf Scholz and French President Emmanuel Macron during his visits to Berlin and Paris respectively.
The visits will build upon Singapore’s warm, longstanding and multi-faceted ties with both countries, the Prime Minister's Office (PMO) said on Sunday (Apr 7).
Besides calling on the Mr Scholz, Mr Wong will also meet German President Dr Frank-Walter Steinmeier, Vice Chancellor and Federal Minister for Economic Affairs and Climate Action Dr Robert Habeck, and Federal Minister of Finance Christian Lindner.
Mr Wong will meet German industry leaders, and attend a reception with overseas Singaporeans in Germany, said PMO.
Seatrium CEO Urges Investors to Stay the Course As Company Tackles "Energy Trilemma"
Shareholders of Seatrium – a company formed after a mega-merger between Keppel Offshore & Marine (Keppel O&M) and Sembcorp Marine (Sembmarine) – have been put through the wringer of late.
Not only have they had to part with money to support two deeply discounted rights issues, they have not been getting dividend payouts from the stock. Seatrium’s share price, at S$0.084 as at market close on Friday (Apr 5), would have shareholders questioning how much longer they should hold on.
In an interview with The Business Times, Seatrium’s chief executive Chris Ong said he was grateful to the retail investors for their “patience and loyalty”.
“You can only do your best during a downturn to make sure that you maintain value,” he said. “I’m very thankful, regardless of chatter, that we have a loyal group of mutual investors.”
Singapore Tech Salaries Down in 2023, but Data Scientists Get Biggest Pay Jump
Tech salaries in Singapore took a dip in 2023, with software engineers earning 1 per cent less, according to a report that drew on more than 422,000 salary data points across roles and countries.
The dip in earnings noted in tech-talent platform NodeFlair’s report is in contrast to an increase of 7.6 per cent in 2022.
Across junior to managerial roles, median salaries either fell or were flat. The median salary for a junior-level role was flat at S$5,000, but that for a manager role dipped 20 per cent to S$11,000, down from S$13,750 in 2022.
Technical Issue Prompts Singapore Airlines Flight to Return to Sydney Airport
A Singapore Airlines (SIA) flight returned to Sydney about an hour after taking off on Sunday (Apr 7) due to a technical issue.
SIA flight SQ232 was originally scheduled to depart at 11am local time and arrive in Singapore at 5.30pm, according to flight tracking website flightradar24.
"The Airbus A380 aircraft landed safely back in Sydney at at 12.42pm local time," an SIA spokesperson said in response to queries from CNA.
The airline did not specify what the technical issue was.
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