Market Snapshot
Singapore stocks opened higer on Tuesday. STI rose 0.2%, Multi-Chem fell 5%, CSE Global fell 1.155, UOB fell 0.21%, SIA rose 0.16%.
Stocks to Watch
THE following companies saw new developments that may affect trading of their securities on Tuesday (Mar 26):
CSE Global: The automation solutions provider raised gross proceeds of S$24 million from a share placement to fund strategic acquisitions and investments in its core markets. This involved the placement of 60 million new ordinary shares at S$0.40 apiece, 6.6 per cent lower than the volume-weighted average price of S$0.4281 per share on Mar 13. The listing of the placement shares is expected to commence on Tuesday. Shares of CSE Global closed flat on Monday at S$0.435, before the announcement.
Multi-Chem: The mainboard-listed company said the outcome of an auditors’ review over how it handled a S$1.6 million payment for vouchers used for marketing and promotional purposes may have an impact on the group’s financial statements for the year ended Dec 31, 2023. Its shares closed at S$2.38 on Mar 20 before a trading halt was called. The counter resumes trading on Tuesday.
OKP: The infrastructure and civil engineering company has secured a contract worth S$17.7 million from PUB, Singapore’s water agency. The 30-month contract was awarded to OKP’s wholly owned subsidiary, Eng Lam Contractors, and is for the improvement of old roadside drains at the Sunrise and Cactus Estates in Cheng San. The group’s net construction order book is at a record high of S$660.4 million, with contracts extending till 2027. The counter closed flat at S$0.255 on Monday, before the news.
Trading halt: Hatten Land called for a trading halt on Tuesday morning, pending the release of an announcement. The counter closed S$0.001 or 8.3 per cent lower at S$0.011 on Monday.
SG Local News
Singapore’s Inflation Rises More Than Expected in February
Singapore’s core inflation quickened in February as expected on seasonally stronger demand around the Lunar New Year, and is unlikely to worry the central bank as it prepares to review monetary policy settings next month.
The core measure, which excludes housing and private transportation costs, accelerated to 3.6% last month from a year ago, official data showed Monday. That was slightly faster than the median 3.4% gain expected in a Bloomberg survey of economists, and compares with 3.1% in January.
Core inflation climbing to the highest level in seven months was expected amid higher spending during the Lunar New Year holiday. Still, the Monetary Authority of Singapore and the Ministry of Trade and Industry kept their 2.5%–3.5% forecast for 2024 underlying inflation, allowing room for policymakers to support economic growth.
Singapore Sees Five-Year High in Share of Job Vacancies
THE share of job vacancies in Singapore that were newly created – as opposed to being vacated by a former employee – reached 47.3 per cent, in 2023, the highest since this data series began in 2018.
This was up from 38.7 per cent in 2022, according to the latest Job Vacancies report released by the Ministry of Manpower (MOM) on Monday (Mar 25). In 2021, 43.6 per cent of job vacancies were newly created.
“The majority of these newly-created positions arose due to business expansion into existing and new functions,” said MOM. “This reflects the evolving nature of our economy and the accompanying changes in manpower demand.”
Singapore Files More Charges on Ex-Minister in Graft Case
Singapore’s former transport minister S. Iswaran faced more corruption charges Monday, expanding the biggest political scandal to hit the city-state that has prided itself on a zero-tolerance stance against graft.
Chief prosecutor Tan Kiat Pheng read out the charges related to corruption to Iswaran, 61, who pleaded not guilty. The former minister is accused of having obtained nearly S$19,000 ($14,110) of luxury items, including whiskey bottles, a Brompton bicycle and golf clubs, in relation to a contract for construction works on an existing train station.
The case will be heard April 2 at the Singapore High Court.
Singapore Climbs to Sixth Place in Global Resilient Cities Index
SINGAPORE climbed six notches to become the world’s sixth most resilient city, from 12th place in 2021.
This is according to real estate consultancy Savills’ annual global index tracking the resilience of 490 cities across the world.