Singapore stocks rose this week, with the STI up 0.8%. Singapore’s economy grew at a solid clip last quarter, providing momentum for full-year growth to surpass expectations.
In terms of star stocks, Seatrium rose 6.8%, SingPost rose 6.7%, Sri Trang Agro rose 4.5%, ThaiBev rose 3.6%, CapLand Ascott T rose 3.4%. While Man Oriental USD fell 3.9%, and NIO fell 3.8%.
Market News
Seatrium Stock Jumps 6.8% After Buying Back More Shares
Seatrium shares rose 6.8% this week. Seatrium repurchased 965,000 shares in the open market on Tuesday for SG$2.0 million, or SG$2.059 apiece, according to a same-day filing with the Singapore Exchange.
The ship repair company has been authorized to buy back 68.2 million shares under its current mandate. To date, it has bought back around 24.9 million shares.
SingPost Names New CFO in Executive Overhaul After Whistleblower Report
SingPost rose 6.7% this week. Singapore Post has appointed the CFO of its Australia business as group finance chief, a week after dismissing its CFO and two senior executives for mishandling a whistleblower report.
Isaac Mah, who joined Singapore Post in 2019, most recently oversaw the sale of the company's Australia business to private equity firm Pacific Equity Partners.
The Temasek-backed company has said it will name a new group CEO in due course. Singapore Post fired group CFO Vincent Yik last week, along with CEO Vincent Phang and its international business unit chief Li Yu, after they were found to be "negligent" in handling a whistleblower report.
Singapore’s GDP Expands 4.3% Last Quarter as 2024 Growth Beats
Gross domestic product expanded 4.3% in the three months through December from the prior year, according to advance estimates released Thursday by the Ministry of Trade and Industry. That compares with the median analyst estimate of a 3.8% gain, though it’s slower than the 5.4% growth in the July-September period.
On quarter, the city state’s economy grew 0.1% against median expectations for an 0.8% drop.
For the full year, GDP rose 4% as announced by Prime Minister Lawrence Wong in his New Year’s message earlier this week. Last year’s growth surpassed the government’s revised estimate of around 3.5%, building a strong foundation for the city state to confront challenges in 2025.
Singapore’s Home Prices Rebound on Year-end Sales Boom
Singapore private home prices rebounded after its first drop in more than a year, underpinned by a rush of sales.
Private residential prices rose 2.3% in the last quarter of 2024 compared with the previous three months, according to preliminary estimates from an index released on Thursday by the Urban Redevelopment Authority. That reverses a 0.7% drop in the third quarter, and is the largest increase in a year.
Home prices for the whole year rose 3.9% based on preliminary numbers, marking the eighth consecutive year of increases.
Singapore's Retail Sales Edge Down in November 2024
Singapore's retail sales fell 0.7% year on year in November 2024, reversing October's 2.4% growth, while sales excluding motor vehicles dropped 1.4%, data from the Department of Statistics showed Friday
Seasonally adjusted figures showed a sharper 2.8% monthly decline, with total retail sales at SG$4.1 billion, 14.6% of which were online.
Online sales were bolstered by Singles' Day and Black Friday, contributing 52.5% to computer equipment, 35.2% to furniture, and 13.4% to supermarket categories.