Market Snapshot

Singapore stocks opened lower on Friday. STI fell 0.2%; YZJ Shipbldg, Keppel up 1%.

Stocks to Watch

IHH: The integrated healthcare operator on Thursday posted a 33 per cent fall in net profit to RM514 million (S$156.3 million) for its first quarter ended Mar 31, from RM768 million the year before. The drop came mainly from a lower net monetary gain from the application of MFRS 129, and the recognition of a deferred tax credit in 2024 arising from the revaluation of certain assets in Turkey, the mainboard-listed group said. Shares of IHH Healthcare closed flat at S$2.09 on Thursday, before the results were announced.

Keppel: The company has appointed former DBS chief executive Piyush Gupta as deputy chairman and non-executive independent director of its board, effective Jul 1. Gupta will also be appointed a member of the nominating committee, remuneration committee and the board sustainability and safety committee in July. Shares of Keppel closed at S$6.85, up S$0.06 or 0.9 per cent on Thursday, before the announcement.

JMH USD: The Hong Kong-based conglomerate on Thursday announced the appointment of Lincoln Pan as chief executive officer designate as group managing director John Witt retires from the company as at end-November. Pan, a partner and co-head of private equity at investment business PAG, will join to helm the group as CEO with effect from Dec 1. The counter ended on Thursday 2.2 per cent or S$1 higher at S$45.60. 

Cordlife: The company has appointed Novus Corporate Finance as the independent financial adviser for a voluntary conditional cash partial offer it has received from a Thai company, said the private cord-blood bank on Thursday. Medeze Treasury, a wholly owned subsidiary of Thai-listed stem cell company Medeze Group, had offered to buy a 10 per cent stake in Cordlife, or about 25.6 million shares, at S$0.25 apiece. Shares of Cordlife closed flat at S$0.27 on Thursday.

SG Local News

Singapore's Keppel Appoints Ex-DBS CEO Piyush Gupta as Deputy Chairman

Singapore-based manager and asset operator Keppel said on Thursday it has appointed ex-DBS Group CEO Piyush Gupta as its deputy chairman, effective July 1.

Gupta left DBS, Southeast Asia's largest lender by assets, in March this year after serving as CEO for around 15 years.

Singapore’s Safe Haven Appeal Rises as US Assets Turn More Volatile

Singapore’s safe haven appeal is rising as investors seek respite from the volatility unleashed by US President Donald Trump’s tariff flip-flops and potential tax cuts.

Singapore equities have delivered a total return of 13 per cent since the start of 2025 – more than double the MSCI All Country World Index’s 6 per cent gain.

The gains come as investors move funds into safer and more stable stocks here, noted Morgan Stanley analysts on May 22.

One of the causes of market volatility is the so-called “Taco” trade, a term coined by Financial Times columnist Robert Armstrong referring to “Trump always chickens out” when it comes to imposing tariffs.