SG Morning Call｜Singapore Stocks Opened Lower on Tuesday; SIA Group’s Passenger Traffic up 8.3% in November
Market Snapshot
Singapore stocks opened lower on Tuesday. STI fell 0.4%, SIA fell 0.8%, Clar fell 0.8%, OUEREIT rose 1.8%.
Stocks to Watch
CapitaLand Ascendas Reit (Clar): The real estate investment trust is proposing to acquire logistics property DHL Indianapolis Logistics Center in Whiteland, Indianapolis, Indiana, for S$150.3 million. This will also represent Clar’s first sale and leaseback acquisition in the US, said the manager on Tuesday. Units of Clar closed flat on Monday at S$2.55.
Cromwell European Real Estate Investment Trust (Cromwell E-Reit): The Reit’s manager said on Tuesday it will refinance office loans early with a higher all-in interest rate facility. The European-focused Reit entered into a new five-year and one-month secured debt facility agreement for an aggregate amount of about 82.4 million euros (S$116.9 million) with ABN Amro Bank secured against three office assets in the Netherlands. To offset the higher interest costs, the Reit received four million euros from its sponsor. This will ensure its distributable income will not be affected by the early refinancing. Units of Cromwell E-Reit ended Monday 0.01 euro or 0.6 per cent lower at 1.59 euros.
Singapore Airlines (SIA): Passenger traffic for the two carriers under the group was 8.3 per cent higher year on year in November 2024. The company added that passenger traffic, which measures the demand for an airline’s service and is derived by multiplying the number of paying passengers by the distance travelled, came in at 12.9 billion for the month, from 11.9 billion a year earlier. Both the national carrier SIA and the budget airline Scoot carried a total of 3.3 million passengers throughout the month, a 7.5 per cent increase from the same period the previous year. SIA’s shares closed S$0.01 or 0.2 per cent lower at S$6.41 on Monday.
SG Local News
Singapore key exports rebound in November, buoyed by electronics
Singapore’s key exports rebounded in November on the back of a jump in electronic shipments.
Non-oil domestic exports (NODX) grew 3.4 per cent year on year last month, turning around from the revised 4.7 per cent contraction in October, data from Enterprise Singapore (EnterpriseSG) showed on Tuesday (Dec 17).
This was helped by a 23.2 per cent year-on-year surge in electronic exports, largely attributed to intregated circuits and disk media products.
New private home sales hit highest level in more than 11 years in November
New private home sales in Singapore hit a level not seen in more than 11 years in November, spurred by pent-up demand, improved buyer sentiment and a large number of project launches.
Excluding executive condominium (EC) units, developers sold 2,557 new private homes last month, according to data released by the Urban Redevelopment Authority on Monday (Dec 16).
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