Market Snapshot

Singapore stocks opened lower on Thursday. STI fell 0.3%; OCBC fell 0.7%; Dyna-Mac rose 0.8%; DBS fell 0.9%; SIA rose 0.6%.

Stocks to Watch

First Sponsor: The mainboard-listed property developer has raised gross proceeds of about S$244 million from its rights issue. It plans to fund expansion plans, and strengthen its financial position and capital base with the net proceeds. The securities are expected to be listed and quoted on the mainboard from 9 am on Sep 30. Shares of First Sponsor closed flat at S$1.08 on Wednesday, before the announcement.

Dyna-Mac: Hanwha maintained its S$0.60 per share proposition to take management control of the offshore oil and gas contractor, citing factors affecting its business outlook. These included Dyna-Mac’s growth prospects and order book, geopolitical tensions, macroeconomic uncertainties, volatility in oil prices and the global trend towards clean energy, said Hanwha on Wednesday. The South Korean conglomerate’s offer document will provide more information upon its Oct 2 release. Shares of Dyna-Mac closed flat at S$0.63, before the news.

SG Local News

$2.1B of Green Bond Funds Go to Jurong Region Line and Cross Island Line

Funds totalling $2.1 billion that were raised by government-issued “green” bonds have been allocated to the Jurong Region Line and Cross Island Line that are now under construction.

Both lines support the “sustainable living” pillar of the Singapore Green Plan 2030, said the Ministry of Finance (MOF), which noted in a Sept 25 report that the funds were disbursed in the 2023 financial year.

Citibank to Close Last Branch in Singapore in October Amid Shift to Wealth Hubs

Citibank will close its last branch in Singapore as it focuses on serving customers online and advising affluent clients at its wealth hubs.

The US bank will on Oct 12 shutter its Jurong East branch and Citigold Centre in the CPF Jurong building at 21 Jurong Gateway.

Singapore Businesses, Consumers at Risk of Delays, Supply Shortfalls with Looming US Dockworker Strike

The year-end festive cheer could be under threat as a major dockworker strike looms in the US, putting the global supply chain at risk of further disruptions.

The repercussions of the industrial action, if it comes to pass, will spread beyond US shores, with Singapore businesses and consumers at risk of delays and supply shortfalls ahead of the holiday season.

With less than a week before a current agreement expires on Sept 30, contract negotiations between the International Longshoremen’s Association (ILA) and the United States Maritime Alliance (USMX) remain at an impasse.