Market Snapshot
Singapore stocks opened higher on Monday. STI rose 0.31%; Tat Seng Packaging rose 2%; NIO rose 1%; SGX rose 0.4%; DBS rose 0.3%.
Stocks in Focus
Singtel: The telecommunications company’s Australian subsidiary Optus experienced a technical failure that disrupted emergency call services and was linked to four deaths – including that of an eight year-old boy – on Thursday. Optus on Friday apologised for the 13-hour disruption in services which happened after a network upgrade. The Australian government has said that it will investigate the “unacceptable” failure. Shares of SingTel closed 1.4 per cent or S$0.06 up at S$4.41 on Friday, before the announcement.
SGX: The group on Monday launched new indices that track the next tier of large and liquid mainboard companies beyond the 30 constituents of the Straits Times Index. The new iEdge Singapore Next 50 Indices are available in two variants – one is weighted by market capitalisation and the other by liquidity. Shares of SGX closed 0.4 per cent or S$0.06 up at S$16.87 on Friday.
Del Monte Pacific (DMP): The group on Monday clarified that an audit disclaimer to its recent audited financial statements pertains to its investment and share of losses in its deconsolidated US unit Del Monte Foods (DMF). The disclaimer arose as auditors could not obtain sufficient and appropriate evidence on the recoverable values of DMF’s assets and liabilities. DMP’s Philippine and Asian businesses, which constitute its continuing operations, remain fully audited and the disclaimer has minimal bearing, if any, on the integrity of these results. The counter ended Friday flat at S$0.095.
Tat Seng Packaging: Popiah King Goi Seng Hui has secured acceptances for about 24.65 per cent of Tat Seng Packaging’s shares under his chain offer, which closed on Friday. In August, he had launched an unconditional cash offer at S$0.899 a share for all the shares he did not already own. With Goi and his concert parties now holding about 88.9 per cent of Tat Seng, below the 90 per cent threshold, the company will remain listed on the SGX. Shares of Tat Seng closed 2.2 per cent or S$0.02 down at S$0.87 on Friday, before the announcement.
SG Local News
SGX Rolls Out New Indices to Broaden Visibility of Listed Companies Beyond STI
Investors now have the opportunity to access a broader range of companies listed on the Singapore Exchange (SGX), following the launch of new indices that track the next tier of large and liquid mainboard companies beyond the 30 constituents of the Straits Times Index (STI).
This will help them diversify their exposure across different sectors, spread risk and tap the long-term growth potential of smaller companies.
Launched by SGX Indices on Monday (Sep 22), the new iEdge Singapore Next 50 Indices are available in two variants to cater to different investor needs – one is weighted by market capitalisation (iEdge Singapore Next 50 Index) and the other by liquidity (iEdge Singapore Next 50 Liquidity Weighted Index).
Singapore and Egypt to Explore Free Trade Agreement, Boost Ties
Singapore and Egypt agreed to explore the feasibility of a free trade agreement and plan to step up economic cooperation.
The two nations also inked seven memoranda of understanding including on maritime and agricultural cooperation, Singapore’s Ministry of Foreign Affairs said in a statement on Sunday.
Singapore’s President Tharman Shanmugaratnam is visiting the Arab country where he met President Abdel-Fattah El-Sisi and Prime Minister Mostafa Madboudly.
Two China Firms Launch Autonomous Shuttle Services in Singapore
Two Chinese companies said on Saturday (Sep 20) that they will partner local firms to launch autonomous vehicle shuttle services in Singapore, as the city-state expands into autonomous driving.
The autonomous vehicle technology companies, WeRide and Pony.ai, will partner companies in the Republic for shuttle services on three fixed routes in the Punggol area.
Ride-hailing operator Grab will collaborate with WeRide on two routes, while Pony.ai will work with transport operator ComfortDelGro on a single route.
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