Singapore stocks rose slightly this week, with the STI up 0.4%, as investors weighed the US job report, Middle East tensions, and the significant rise in Chinese stocks.
Meanwhile, Singapore’s retail sales grew 0.6% on year in August, less than the 1% growth recorded in July, based on Department of Statistics (Singstat) data released. Still, the reading was higher than the median forecast of 0.2 per cent growth in a Bloomberg poll of private-sector economists.
In terms of individual stocks, SIA fell 0.8%, DBS rose 1.2%, OCBC fell 1.5%, UOB fell 1.1%, Sheng Siong rose 2.7%, Seatrium rose 15%, Sats rose 6.7%, NIO rose 10.6%, Genting Singapore rose 2.3%, SGX rose 3.6%.
Market News
Singapore-Listed China Companies Soar After Beijing’s Stimulus Blitz
Beijing’s unexpectedly huge stimulus package sent the share prices of Chinese companies listed in Singapore surging in recent days to their highest level in years.
Singapore Exchange-quoted Chinese property group Yanlord Land’s stock price has surged a whopping 48% this week, while HongKong Land is up 6.5%.
This came after China last week unveiled a stimulus package to counter a multi-year slowdown in growth due to its ailing property sector, weak exports and sluggish domestic demand.
Key elements of the package included monetary easing by the People’s Bank of China, increased infrastructure spending, support for the real estate sector via re-lending programmes, cuts in taxes and subsidies to boost domestic consumption and easing restrictions on foreign investments.
Seatrium Boosts to Over 6-Month High on Heavy Trading
Shares of Seatrium advanced 15% to a new high this week.
After markets closed on Thursday, Seatrium had announced that its chief executive, Chris Ong, had been granted a total of 2.2 million of the company’s shares under its performance and restricted share plans on May 31, 2024.
The share award is for Ong’s performance from Jan 2024, to Dec 31, 2026.
NIO Sees 2nd-Highest Ever Deliveries in Sept as Onvo Starts Contributing to Volume
NIO shares jumped 10.6% after deliveries in Sept. NIO saw another strong month of vehicle deliveries in September, with sub-brand Onvo starting to contribute.
The Chinese EV maker delivered 21,181 vehicles in September, the second-highest on record behind June's high of 21,209, according to data it released.
That's the fifth consecutive month that Nio as a group has delivered more than the 20,000 mark, including 20,349 for the main Nio brand and 832 for Onvo.
The monthly deliveries were up 35.42 percent from 15,641 in the same period last year and up 4.98 percent from 20,176 in August.
Singapore Ex-Minister Gets Jail for Bribery in Historic Case
A Singapore court on Thursday sentenced a former minister to prison for the first time in half a century, as the city-state sought to send a clear message that it won’t tolerate conduct that undermines its zeal for clean governance.
S. Iswaran, who served as transport minister until his resignation in January, was handed a 12-month prison term for bribery and obstruction of justice. The sentence exceeded that sought by prosecutors. The jailable offenses include obtaining tickets for the Singapore F1 Grand Prix, a night’s stay in Four Seasons Hotel Doha, and flights including being aboard a private jet to Qatar.
The former minister last week unexpectedly pleaded guilty to four charges of obtaining valuable items as a public servant and one count of obstruction of justice. He had previously vowed to defend himself over nearly three dozen counts including corruption, but the prosecution amended the charges on the first day of the case.