Market Snapshot

Singapore stocks opened higher on Tuesday. STI rose 0.07%; AEM SGD up 3%; Frencken up over 2%; Haw Par, UMS, ThaiBev, SATS up over 1%.

Stocks in Focus

Starhill Global Reit: The manager of the real estate investment trust (Reit) announced on Monday that Kemmy Tan will be appointed CEO and executive director effective Jul 1. The current CEO, Ho Sing, will step down on Jun 30, instead of Aug 10 as previously announced.

Ley Choon: The group announced on Monday that its subsidiary, Ley Choon Constructions and Engineering, secured contracts worth around S$24.5 million in aggregate for the repair and maintenance of underground utilities services. The contracts are expected to be completed within about 36 months, and are expected to contribute positively to the group’s earnings.

SG Local News

Singapore’s PM Warns Full Impact of Mideast Conflict Yet to Come

Singapore Prime Minister Lawrence Wong warned that the economy has yet to feel the full impact of the Middle East conflict, and uncertainty remains over the growth outlook despite a strong performance in the first quarter.

“There’s a lag,” Wong said on Monday at a Singapore Press Club event. “There are downside risks and we do expect more pressures to come on both growth and inflation in the second half of the year.”

Electricity, food and fertilizer costs have not yet reflected the entire increase in global crude prices, the prime minister said. The world economy has also fared better than expected as countries find alternative oil supplies and draw down inventories in response to the closure of the Strait of Hormuz, he said.

Economists See Slower Singapore Growth in 2026, Faster Inflation

Economists lowered their forecasts for Singapore’s economic growth and raised inflation expectations, according to the latest Bloomberg News survey conducted June 2-5.

Gross domestic product will expand 3.9% in the second quarter, according to the results, down from 4.5% in the previous survey in March.

The full-year GDP outlook fell to 3.3% from 3.5%. Headline and core inflation forecasts for this year were raised to 2.3% and 2%, respectively, from 1.5% previously for both.