Market Snapshot

Singapore stocks opened lower on Wednesday. STI fell 1.7%; Sembcorp, Seatrium fell 4%; DBS, YZJ Shipbldg fell 3%; UOB fell 2%; OCBC fell 1.2%.

Stocks to Watch

UOB: The bank said on Tuesday that it will inject additional fresh capital of two trillion dong (S$104 million) into its Vietnam subsidiary, bringing its total charter capital of the unit to 10 trillion dong. To “reaffirm its strong commitment” to Vietnam, UOB Group will invest in a new headquarters building in Ho Chi Minh City’s business district. UOB Vietnam is also investing in digital technology and artificial intelligence to develop a new digital banking platform, which is set to launch this year. Shares of UOB were down S$1.10 or 3.3 per cent at S$32.13, before the announcement.

SGX: The total securities market turnover value on the bourse increased 25 per cent year on year to S$29.7 billion in March, it said in its monthly market statistics report on Tuesday. March’s total market turnover volume fell 23 per cent to 26.8 billion shares, from 34.7 billion shares in the same month a year earlier. The securities daily average value reached a three-year high in March, rising 25 per cent on the year to about S$1.5 billion, while derivatives traded volume increased 14 per cent to 27.4 million contracts. The Straits Times Index rose above 4,000 for the first time on Mar 28. SGX also noted that small and mid-cap stocks continued to garner investor interest. The counter ended 2 per cent or S$0.23 higher at S$12.02, before the report’s release.  

SEMBCORP INDUSTRIES LTD: Its wholly owned subsidiary Sembcorp Green Hydrogen India has entered into a joint venture (JV) agreement with Indian state-owned oil and gas company Bharat Petroleum. The JV aims to explore renewable energy and green hydrogen projects across India to support the country’s energy transition and development goals, said the company on Wednesday. It is not expected to have a material impact on Sembcorp Industries’ earnings per share and net tangible assets per share for the financial year ending December 2025. The counter closed on Tuesday 7.6 per cent or S$0.44 higher at S$6.23.

SG Local News

US Tariffs Will Significantly Impact Singapore’s Growth; Budget 2025 to Help in Short Term: PM Wong

The recent tariffs imposed by the United States will hurt the Singapore economy, businesses and workers, said Prime Minister Lawrence Wong.

“Singapore may or may not go into recession this year. But I have no doubt that our growth will be significantly impacted,” he said.

Budget 2025 measures will provide short-term support and a new task force will help address immediate uncertainties while the Government continues to monitor the situation, PM Wong added.

But in the near term, global growth is expected to be weaker, which means external demand for Singapore’s goods and services will fall, he pointed out.

Outward-oriented sectors – like manufacturing, wholesale trade and transport – will bear the brunt of the impact.

CDL Seeks Shareholders’ Nod to Buy Back Shares, Which Could Raise Kwek Family’s Stake to 55.5%

City Developments Limited (CDL), the Singapore hotel and property group that was embroiled in a recent boardroom feud, is seeking shareholders’ approval to buy back the company’s shares.

In a letter to shareholders on April 8, CDL executive chairman Kwek Leng Beng said the company is seeking shareholders’ approval at its annual general meeting on April 23 to renew a share purchase mandate.

This would allow the company to buy back up to 10 per cent of its ordinary shares from the market, as well as an additional 10 per cent of its preference shares.

This could see the Kwek family’s controlling stake in CDL increase to 55.51 per cent from 49.29 per cent as at March 10, helping it stave off unwanted takeovers, as it moves to steady the ship after a recent tussle for control of the company between Mr Kwek Leng Beng and his son Sherman Kwek sent CDL shares tumbling.

Most Singaporeans yet to Pick a Party Ahead of Election, Poll Shows

A majority of Singaporeans have yet to decide which party to vote for ahead of a general election this year, but most of those who have made up their minds would back the ruling People's Action Party, a survey showed on Tuesday.

Data from pollster YouGov showed that just 44% of 1,845 Singaporeans surveyed in March have decided who to vote for and of those, 63% of would choose the ruling party and 15% would back the leading opposition Workers' Party.