SG Morning Call | STI Falls About 0.5% in Early Trading; AEM SGD, UMS Gain Over 1%, OCBC Bank Drops More Than 1%
Market Snapshot
Singapore's STI index fell rapidly by about 0.5% in early trading on Wednesday.
$AEM SGD(AWX.SI)$ and $UMS(558.SI)$ rose more than 1%, while UOL gained 0.9%; on the other hand, OCBC Bank dropped more than 1%, DBS fell 0.75%, and JMH USD declined 0.5%.
Stocks in Focus
The following companies saw new developments that may affect trading of their securities on Wednesday (Sep 23):
SIA Engineering : Singapore Aero Engine Services Private Limited (SAESL), a joint venture between SIA Engineering and Rolls Royce, will offer 30 work-study diploma placements in 2027 to Institute of Technical Education, Republic Polytechnic and Temasek Polytechnic students. Additionally, a SAESL collaboration with A*Star will focus on the development and deployment of advanced technologies including, artificial intelligence-native and autonomous inspection, assembly and disassembly solutions across the aerospace maintenance, repair and overhaul sector. Shares of SIA Engineering rose 1 per cent to close S$0.03 higher at S$3.13 on Tuesday.
Multi-Chem: The stock exchange has asked the company for more details regarding the graft probe into chief executive Foo Suan Sai and chief operating officer Han Juat Hoon. In response, Multi-Chem said on Tuesday night that its nominating committee, with Foo recusing himself, has decided the pair are suitable to continue as directors. The company added that if required, executive director and general manager Foo Fang Yong can assume an increased management role to ensure continuity. News last week of the Corrupt Practices Investigation Bureau’s investigation wiped out S$200 million, or about half of the company’s market capitalisation. Shares of Multi-chem rose 21.8 per cent to close S$0.43 higher at S$2.40 on Tuesday.
Tuas: The Australian-listed parent company of Simba Telecom saw net profit rise to about S$26 million for the full year ended Jul 31, up 277 per cent from about S$6.9 million the year before. Revenue was 24 per cent higher at S$187.6 million, compared with S$151.3 million in the previous financial year. Its board said that it is yet to make a decision on the use of about S$364.5 million raised to support the failed acquisition of M1. Shares of Tuas on the Australian Stock Exchange rose 0.9 per cent to close A$0.02 higher at A$2.33 on Tuesday.
SG Local News
Singapore ‘always chooses Singapore’s side’ amid US-China rivalry: Chan Chun Sing
Singapore does not avoid choosing sides amid intensifying competition between the US and China – it chooses based on its own national interest, Defence Minister Chan Chun Sing said on Tuesday (Sep 22).
“We choose sides – we always choose Singapore’s side,” he said during a question-and-answer session at the S Rajaratnam School of International Studies’ (RSIS) 30th Anniversary Distinguished Lecture.
Chan, who is also coordinating minister for public services, noted that he was “not a fan of binary thinking”, arguing that countries increasingly make different choices across different domains rather than aligning wholesale with one power.
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