Singapore shares rose this week, with the STI jumping 0.34%.
In terms of individual stocks, Bumitama Agri, Top Glove rose 14%; PropNex rose 11%; while SMIC HK SDR 5to1 fell 15%; CATL HK SDR 30to1 fell 12%; Alibaba HK SDR 5to1 fell 9%.
Market News
Seatrium Hit by US$475 Million Contract Termination for Nearly Completed Wind Vessel; Shares Drop
Seatrium Ltd on Friday (Oct 10) announced that it had received a termination notice for a US$475 million contract inked with a Maersk Offshore Wind affiliate in 2022.
The contract was for the construction of a wind turbine installation vessel at the US offshore wind farm, Empire Wind 1. It is about 98.9 per cent complete.
Top Glove Swings into the Black with RM38.6 Million Q4 Net Profit; Returns to Full-Year Profitability
Malaysian glove-maker Top Glove on Thursday (Oct 9) posted a net profit of RM38.6 million (S$11.8 million) for its fourth quarter ended August, a turnaround from its net loss of RM6.6 million in the year-ago period.
Its earnings per share (EPS) for the quarter stood at 0.48 sen, compared to a loss per share (LPS) of 0.08 sen previously.
The company attributed its improved performance to stronger glove demand, which continued to gain momentum throughout FY2025, alongside ongoing initiatives to improve cost efficiency. Favourable raw material prices helped cushion the impact of a weaker US dollar, it added.
Enhanced cost management also enabled more competitive pricing, the group said. This lifted sales volumes, which climbed 30 per cent on the year, and in turn boosted utilisation rates to about 75 per cent of running capacity in August 2025.
Riverstone Shares Surge on UOB Kay Hian's Higher Target Price of 98 Cents Led by AI-End Demand
Heidi Mo of UOB Kay Hian, citing end demand from AI-related activities, has raised her target price for rubber glove maker Riverstone Holdings from 71 cents to 98 cents.
The cleanroom segment, according to Mo in her Oct 8 note, remains the Malaysia-based company's key earnings driver, contributing around 40% of revenue but nearly 70% of gross profit.
Riverstone, led by executive chairman Wong Teek Soon, expects 10% q-o-q volume growth in 3QFY25, supported by stronger demand from the semiconductor and AI-driven data-storage industries.
Trump Announces Additional 100% Tariff on China, Export Controls
Donald Trump said he would impose an additional 100 per cent tariff on China and export controls on “any and all critical software” beginning Nov 1, hours after threatening to cancel an upcoming meeting with the country’s leader, Xi Jinping.
“It has just been learned that China has taken an extraordinarily aggressive position on Trade in sending an extremely hostile letter to the World, stating that they were going to, effective Nov 1, 2025, impose large scale Export Controls on virtually every product they make, and some not even made by them,” Trump said in a social media post.
The declaration came after Trump earlier on Friday (Oct 10) threatened trade actions against China, citing “hostile” export controls Beijing placed on rare-earth minerals. Trump also said there seemed to be “no reason” to follow through with a planned meeting with Xi on the sidelines of the Apec summit in South Korea later this month, though the timing of the newly announced tariffs still leaves room for that meeting to occur before they go into effect.