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”.