Market Snapshot
Singapore stocks opened lower on Friday. STI down 0.1%; Nio, CDLHT, YZJ Fin up 1%; MPACT and NetLink down 1%.
Stocks in Focus
Mapletree Pan Asia Commercial Trust (MPACT): The trust posted a distribution per unit (DPU) of S$0.0205 for the third quarter ended Dec 31, 2025, up from the DPU of S$0.02 posted for the same period a year earlier. Revenue fell 1.9 per cent to S$219.4 million, from S$223.7 million previously. Units of MPACT closed flat at S$1.47 on Thursday.
Keppel DC Reit : The manager of the data centre-focused real estate investment trust (Reit) on Friday announced a DPU of S$0.05248 for the second half ended Dec 31, 2025, up from S$0.04902 for the corresponding period a year earlier. Distributable income increased 53.4 per cent year on year to S$140.9 million, from S$91.9 million. Full-year DPU rose to a record of S$0.10381, up 9.8 per cent from S$0.09451 a year earlier. Units of Keppel DC Reit closed 0.4 per cent or S$0.01 higher at S$2.24 on Thursday.
NetLink NBN Trust: The fibre infrastructure provider’s net profit fell by 11.8 per cent year on year to S$65.4 million for the nine months ended Dec 31, 2025, from S$74.1 million previously. The decline came amid higher depreciation from a larger asset base and higher net finance costs, but was partially offset by a higher income tax credit, said the trust on Thursday. Units of NetLink closed 0.5 per cent or S$0.005 higher at S$0.98 on Thursday, before the news.
CapitaLand Ascott Trust (Clas): The trust’s distribution per stapled security (DPS) rose by 1 per cent to S$0.0358 for H2 ended Dec 31, 2025, from S$0.0355 a year earlier, its manager announced on Thursday. Core DPS fell 4 per cent year on year to S$0.0295, from S$0.0308 previously, amid property tax adjustments in FY2024 and FY2025. Stapled securities of Clas closed flat at S$0.965 on Thursday, before the news.
GuocoLand : The property developer on Thursday posted a net profit of S$85.4 million for the six months ended Dec 31, 2025, up 14 per cent from the S$74.6 milllion booked for the previous corresponding period. The bottom-line growth was attributed to its share of profits from associates and joint ventures, increased income from its property investment business, gains from the disposal of Thistle Johor Bahru hotel in Malaysia and lower finance costs. Shares of GuocoLand rose 2.3 per cent or S$0.06 to close at S$2.68 on Thursday, before the news.
Starhill Global Reit : P40U 0%: The Reit posted a DPU of S$0.018 for the first half ended Dec 31, 2025, unchanged from a year earlier. Revenue was also unchanged at S$96.3 million, but net property income fell 0.8 per cent to S$75.1 million, from S$75.6 million. Units of Starhill Global Reit rose 0.9 per cent or S$0.005 to S$0.595 on Thursday, before the news.
CDL Hospitality Trust (CDLHT) : J85 0%: The trust’s manager on Friday reported a DPS of S$0.0282 for the second half ended Dec 31, 2025, up from S$0.0281 for the previous corresponding period. Distributable income rose 1.2 per cent to S$35.8 million, from S$35.4 million in the same period the year before. Units of CDLHT closed S$0.005 or 0.6 per cent lower at S$0.84 on Thursday.
Singapore Exchange : S68 0%: From Friday till Mar 27, Singapore Exchange Regulation will run a consultation on rule amendments to enable omnibus broker custody accounts, require brokers and depository agents to support clients in exercising shareholder rights, and to strengthen the regulatory framework for depository agents. Retail investors may continue using direct accounts even after the changes take effect, the bourse operator said on Friday. The counter closed 0.2 per cent or S$0.03 higher on Thursday at S$17.66, before the news.
SG Local News
Gold demand in Singapore jumps 48% to record 9.6 tonnes in 2025
Investors in Singapore seeking safe-haven assets and portfolio diversification piled into gold in 2025, with demand rising 48 per cent year on year to 9.6 tonnes – the highest level on record.
This comes as global investment demand climbed 84 per cent to 2,175.3 tonnes in 2025, from 1,185.4 tonnes in 2024, based on data from the World Gold Council’s (WGC) Gold Demand Trends report for 2025.
The growth in Singapore – the fastest among South-east Asian countries – was buoyed by geopolitical risks and the gold price rally, among other factors, said the report on Thursday (Jan 29).
Singapore growth to slow to 2.6% as UOB warns export boost fades
Singapore’s economic growth is expected to moderate to 2.6% in 2026, down from 4.8% in 2025, as base effects weigh on year-on-year (YoY) comparisons, UOB said.
"Our projections remain somewhat conservative. We expect a quarter-on-quarter seasonally adjusted contraction in the first quarter of 2026 after three consecutive quarters of strong growth, followed by below-trend momentum in the second through fourth quarters of 2026," the report said.
The bank noted that the positive output gap observed in 2025 could narrow, though real gross domestic product (GDP) would remain slightly above potential in level terms.
