SG Morning Call | STI Falls 0.3%; ST Engineering up over 4%; CityDev, YZJ Maritime, Frencken, PC Partner, AEM SGD up over 2%
Market Snapshot
Singapore stocks opened lower on Friday. STI fell 0.3%; ST Engineering up over 4%; CityDev, YZJ Maritime, Frencken, PC Partner, AEM SGD up over 2%.
Stocks in Focus
$Banyan Group(B58.SI)$: The hospitality firm announced on Thursday a strategic partnership with Newmark Hotels & Reserves, a Cape Town-headquartered hospitality management company, and the acquisition of a majority stake in Newmark under a phased ownership structure leading to full ownership over time. Newmark has a managed portfolio of 26 hotels, lodges and reserves across seven countries. Shares of Banyan Group ended flat at S$0.495 on Thursday.
$Multi-Chem(AWZ.SI)$: The mainboard-listed IT distribution firm announced through its audit and risk management committee on Thursday that its chief executive officer, chief operating officer and two senior employees have been interviewed by the Corrupt Practices Investigation Bureau (CPIB). Both executive directors were requested to provide bail and hand over their passports and mobile phones to the CPIB. The committee, comprised of the group’s independent directors, clarified that it is not directly privy to the ongoing matter before the CPIB. Shares of Multi-Chem ended flat at S$4.34 on Thursday.
SG Local News
Singapore’s Record AI Boom Unlikely to Move MAS, Analysts Say
Singapore’s electronics exports grew at an unprecedented pace in August as the artificial-intelligence boom shows no signs of waning.
While boosting the city-state’s economy, the surge is unlikely to stoke price pressures and push the central bank toward aggressive tightening, according to analysts.
Barclays Plc afterward revised its economic growth forecasts for this year and next by a percentage point each, to 5.5% and 4%. Still, economist Brian Tan doesn’t see this translating to significant price pressures, pegging core inflation at just 1.7%, at the lower half of the central bank’s 2026 forecast range of 1.5%-2.5%.
Singapore’s Gold Hub Plan Gets Lift With DBS Vault Expansion
Singapore’s push to become a major gold hub is gaining momentum, with DBS Group Holdings Ltd. adding bullion storage capacity and other banks considering similar moves.
DBS, Southeast Asia’s largest lender, increased its vaulting space this year to support growing demand from both private wealth and institutional clients, the bank said in an emailed response to Bloomberg’s request for comment on Wednesday. Oversea-Chinese Banking Corp. Ltd. has also approached precious metal storage providers about securing more space, according to people with knowledge of the matter.
Deutsche Bank AG is similarly considering an expansion, said another person. The scale of vault growth for the banks is under discussion and plans are subject to change, the people said, asking not to be named as the conversations are private.
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