Market Snapshot

Singapore stocks opened lower on Friday. STI fell 0.5%; NIO fell 6%; ST Engineering fell 3%; Singtel fell 0.8%; Genting Singapore fell 0.7%; DBS and UOB fell 0.2%; SIA rose 0.8%.

Stocks in Focus

Hongkong Land: The property developer on Thursday reported a 13 per cent drop in underlying profit for the third quarter of FY2025 compared to the year-ago period. This was largely due to lower contributions from its Hong Kong office portfolio and pre-opening costs of its prime properties in China, it said. Shares of Hongkong Land fell 0.5 per cent or US$0.03 to close at US$6.30 on Thursday, before the news.

ComfortDelGro: The transport operator on Thursday announced senior leadership changes, which included the creation of a new “point-to-point mobility officer” role. Derek Koh will step down from his role as chief financial officer (CFO) in the new year and will be replaced by current group deputy CFO, Christopher David White. The group chief point-to-point mobility officer will be filled by Liam Griffin, the group’s current head of point-to-point mobility in the UK and the chief executive of ComfortDelGro’s London subsidiary, Addison Lee. Shares of ComfortDelGro rose 1.4 per cent or S$0.02 to close at S$1.47 before the announcement.

IReit Global: Construction works started in Q2 2025 are progressing according to schedule, with the first phase of completion set for Q2 2027. IReit posted a portfolio occupancy of 89 per cent as at Sep 30, down from 89.5 per cent in the year-ago period, the manager said on Thursday. Discussions with two potential office tenants to secure a lease commitment for a substantial portion of office space by Q1 of next year are underway, it added. Units of IReit Global closed flat at S$0.29 on Thursday, before the news.

Coliwoo: Coliwoo on Friday announced that it has entered into a 50:50 joint venture with Macritchie Developments to acquire a freehold commercial property at 1 King George’s Avenue, known as the Rehau building, for S$40 million. There are plans to convert the site into a co-living asset. Shares of Coliwoo closed at S$0.565, 0.9 per cent or S$0.005 higher on Thursday.

SG Local News

Singapore Says Q3 GDP Grows 4.2% Y/Y, Upgrades 2025 Forecast

Singapore on Friday upgraded its economic outlook for 2025 as third-quarter gross domestic product growth beat market expectations and initial estimates.

GDP rose 4.2% in the third quarter from a year earlier, government data showed, faster than the 2.9% official advance estimate released last month and a median forecast of 4.0% in a Reuters poll of economists.

On a quarter-on-quarter seasonally adjusted basis, GDP expanded 2.4% from the second quarter.

The trade ministry raised its GDP growth forecast for 2025 to "around 4.0%" from a previous range of 1.5% to 2.5%.

Singapore Narrows 2025 NODX Forecast to "Around 2.5%", Expects ‘Moderated Growth’ in 2026

The Republic has narrowed its 2025 full-year forecast for non-oil domestic exports (NODX) to “around 2.5 per cent”, from an earlier official estimate of a 1 to 3 per cent expansion.

In a quarterly review of trade performance on Friday (Nov 21), Enterprise Singapore (EnterpriseSG) noted that NODX performance in the third quarter was weighed down by the decline in non-electronics, which outweighed the growth in electronics. This was driven by weakness in the food preparations, petrochemicals and volatile pharmaceuticals segments.

For 2026, the World Trade Organization expects global merchandise trade to grow at a slower rate of 0.5 per cent, compared with 2.4 per cent in the previous year.