Market Snapshot
Singapore stocks opened Higher on Tuesday. STI rose 0.2%, SIA rose 0.3%, OCBC and UOB rose 0.2%, SingTel fell 0.4%, NIO rose 1.6%, Genting Singapore rose 1.1%.
Stocks to Watch
Cordlife Group (P8A): The cord-blood bank on Monday announced that one of its cryogenic storage tanks and a dry shipper, which collectively contain about 5,300 cord-blood units, are at high risk of being adversely affected by temperature excursions. The group intends to offer a refund and waiver of annual fees to the affected active clients. Shares of Cordlife last traded at S$0.172 before the company called for a trading halt on Apr 1. The counter resumes trading on Tuesday.
Global Invacom (QS9): The satellite communications equipment provider gave notice on Tuesday that it recorded three consecutive years of losses based on audited full-year consolidated accounts. Its latest six-month average daily market capitalisation stood at S$13.7 million as at Apr 8, below the S$40 million requirement to avoid being placed on the Singapore Exchange’s (SGX) watch list. Shares of Global Invacom closed flat at S$0.118 on Monday.
Zico (40W): The professional services provider on Monday announced new appointments to its board of directors, which include Mohamed Nasser Ismail, the former global head of equity capital markets at SGX. Zico said its appointment of Nasser represents a “strategic move aimed at rejuvenating and refreshing” its board. Shares of Zico fell 18.3 per cent or S$0.011 to close at S$0.049, ahead of the news.
SG Local News
Demand for Larger HDB Flats Push up Resale Prices in March; Volumes Dip Again: SRX, 99.co
Demand for larger public housing flats supported resale prices in March, which rose for the sixth consecutive month while volumes continued to decline.
Based on flash data by SRX and 99.co released on Monday (Apr 8), resale prices were up 0.3 per cent month on month. Gains were recorded in both mature and non-mature estates, which rose 0.5 per cent and 0.6 per cent, respectively.
Compared with the same period last year, overall resale prices were up 6.2 per cent. Both mature and non-mature resale prices rose 6 per cent.
The proportion of resale flats transacted in mature estates also rose to a six-month high of 40.1 per cent, although deals for flats in non-mature estates continued to make up the majority of total resale volumes (59.9 per cent).
Singapore Begins Pilot of Electric Harbour Craft Charging Point in Marina South
A new charging point for electric harbour craft at Marina South Pier is now available for public use, after its official launch by the Maritime and Port Authority of Singapore (MPA) on Monday (Apr 8).
The charging point is owned by Pyxis Energy, a subsidiary of electric vessel startup Pyxis Maritime, and operated by SP Mobility.
While open to the public, it will be used mostly by Pyxis’ planned fleet of electric harbour craft, with the pilot expected to run for two years after full operations begin this May.
Income Insurance Sells 30 Prinsep Street for S$147 Million
Income Insurance is said to have sold its 11-storey, 999-year leasehold commercial building at 30 Prinsep Street for about S$147 million.
The price reflects about S$3,000 per square foot on the 48,974 sq ft net lettable of the property, which is a stone’s throw from Bencoolen MRT station on the Downtown Line. A short distance away are Bras Basah station and Dhoby Ghaut MRT interchange station.
The buyer is understood to be an entity linked to the Lim family of Midview group, which has developed commercial and industrial properties including Midview City in Sin Ming Lane.
Severe Myopia Cases Among Children in Singapore Almost Doubled in Past Decade
According to the Singapore National Eye Centre (SNEC), up to 20 per cent of children now have high myopia – defined as more than 500 degrees in each eye. This is compared to just around 10 per cent a decade ago.
SNEC is also seeing children as young as six years old having to wear glasses. A decade ago, the average age was around 12.
Associate Professor Marcus Ang, who heads the corneal and refractive surgery departments at SNEC, said one of the major risk factors is a lack of outdoor time.
The senior consultant noted that more children are using digital devices and indulging in more screen time. This comes as schools are incorporating such devices into their curriculum.
The COVID-19 pandemic also accelerated the situation, he added, with parents and children being even more comfortable with being on Zoom and using laptops or iPads.