Singapore stocks fell this week, with the STI down 1.8%, with investors cautious over fresh conflict in the Strait of Hormuz and a second consecutive day of oil rising above US$100 per barrel.
In terms of individual stocks, Top Glove up 22%; AEM SGD up 12%; Ambiq Micro up 9%; Frencken, PC Partner up around 6%; OCBC, DBS, UOB fell around 2%.
Market News
Grab said to be in talks to buy Singapore fintech firm Atome
Grab Holdings, the biggest ride-hailing and food-delivery firm in South-east Asia, is in talks to buy a majority stake in Singapore-based buy-now-pay-later platform Atome Financial, according to people familiar with the matter.
A transaction could value the unit of Advance Intelligence Group at more than US$2 billion (S$2.53 billion), said the people, asking not to be identified because the discussions are private. Deliberations are ongoing and no final decisions have been made, the people said.
Representatives for Grab, Atome Financial and Advance Intelligence Group declined to comment.
Singapore's Aster plans to raise naphtha cracker utilisation, executive says
Singapore’s Aster Chemicals and Energy ran its naphtha-fed cracker at a rate ranging from 75 per cent to 80 per cent in the last five months and plans to ramp up utilisation rates further, a company official said on Thursday (Sep 10).
Aster, a joint venture of Indonesia’s Chandra Asri and trading major Glencore, operates a 1.1 million metric tonne per year steam cracker on Singapore’s Bukom Island.
DBS sued for US$1 billion in 1MDB-linked claim
SINGAPORE: Liquidators of four companies linked to recovery efforts in the multibillion-dollar 1MDB scandal have sued DBS Bank, seeking an estimated S$1.298 billion (US$1.03 billion) in damages, Southeast Asia's largest lender DBS said on Wednesday (Sep 9).
The claimants include the liquidators of four companies: Blackrock Commodities (Global), Platinum Global Luxury Services, Affinity Equity International Partners and TKIL Global Investments. The liquidators did not immediately respond to Reuters requests for comment.
In a statement to the Singapore Exchange, DBS rejected the claim and said it would fight it vigorously, adding that the company has made no provision for the lawsuit.
Singdollar hits 10-month high against ringgit as investors take refuge in traditional safe haven
The Singapore dollar rose to a 10-month high against the ringgit on Wednesday (Sep 9), as rising US Treasury yields and risk-off sentiment drove investors towards the city-state’s currency as a regional safe haven.
The exchange rate climbed to RM3.2207, the highest level since Oct 31, 2025, going by Google Finance data.
The divergence underscores contrasting near-term drivers for the neighbouring economies.
Singapore’s exchange-rate framework is buffering its currency against global market stress, while the ringgit faces pressure from a string of foreign capital outflows, even as Malaysia’s underlying economic growth remains stable.
Singdollar Emerges as Safe Haven Currency Amid US Dollar Volatility: BOS CIO
The Singapore dollar is increasingly being used as a safe haven currency in investors’ portfolios in recent years, as volatility in the US dollar prompts clients to diversify their currency exposure, said Jean Chia, global chief investment officer at Bank of Singapore.
Many of BOS’ clients in the region have traditionally held US dollar assets to diversify away from their domestic currencies, but this narrative is changing, especially since the greenback fell more than 10 per cent last year.
“Gone are the days that we can rely on the US dollar as one of our safe haven currencies,” Chia said at Great Eastern’s Private Client Summit on Tuesday (Sep 8).
In contrast, the Singdollar is managed against a basket of currencies of the Republic’s largest trading partners, within an undisclosed band aimed at maintaining price stability. This makes it a “great destination that will also hold steady in the years to come”, Chia said.
Singapore Employers Grow Selective as Nearly Half Plan to Hold Headcount Steady in Q4: Survey
Employers in Singapore are taking a more selective approach to recruitment for the final quarter of 2026, with nearly half planning to maintain current staffing levels rather than pursuing broad workforce expansions.
The latest ManpowerGroup Employment Outlook Survey released on Tuesday (Sep 8) indicated that Singapore’s seasonally adjusted net employment outlook stands at 13 per cent for Q4 2026.
The outlook remains unchanged from the previous quarter but marks a seven-point decline compared with the same period last year.
The 13 per cent figure represents the softest hiring forecast since Q4 2021 when the outlook was negative 2 per cent.
Jefferies Fund Seeks Radiant World Asset Freeze in Singapore
A fund run by a Jefferies Financial Group Inc. subsidiary is seeking a freezing injunction against iron ore trader Radiant World and its founder Pinkesh Nahar in Singapore, days after securing a worldwide freezing order against them from a UK court.
LAM Trade Finance Group II LLC’s application is scheduled to be heard in Singapore’s High Court on Sept. 9, according to the judiciary’s hearing list. The case names Radiant World’s main Singapore operating entity, its Hong Kong parent, Nahar, Sapphire Minmetals Corporation Ltd. and its chairman Rakesh Sethi as defendants.
The Singapore application marks a further escalation by Jefferies against Radiant World. The fund — which is run by Point Bonita, part of the US bank’s asset management division — last week filed claims in London against the same five parties, and subsequently obtained a worldwide freezing order from the UK’s High Court, Bloomberg News reported last week.
