Market Snapshot
Singapore stocks opened lower on Monday. STI fell 1.3%; Seatrium fell 4%; Yangzijiang Shipbuilding fell 3%; SIA fell 1.4%.
Stocks in Focus
Keppel: The indirect Keppel subsidiary M1 is facing legal proceedings in relation to a May 2019 contract with Liberty Wireless. Liberty Wireless alleges that M1 wrongfully refused to enter good faith negotiations to amend the agreement in line with the framework for the wholesale of mobile services issued by the Infocomm Media Development Authority in January 2020. In a Monday bourse filing, the asset manager said that M1 plans to defend its position and added that this development is not expected to affect or delay the completion of its August sale of M1, which is pending approvals. Keppel shares ended Friday 0.1 per cent or S$0.01 down at S$9.16.
UOL and SingaporeLandGrp: The 666-unit condominium Skye at Holland proved to be the strongest project launch in 2025, selling 98.8 per cent of units over the weekend. The project is jointly developed by UOL, Singapore Land Group, Capital and Development and Kheng Leong. Real estate agents said the high take-up rate signals a broader recovery in the Central Core Region and bodes well for other upcoming residential launches. Shares of UOL ended Friday 0.38 per cent or S$0.03 up at S$7.96, while Singapore Land Group shares closed 0.65 per cent or S$0.02 down at S$3.08, before the launch.
Q&M Dental and Aoxin Q & M: Q&M Dental said it will fully subscribe to its pro rata entitlement and any excess shares in a proposed rights issue by its subsidiary Aoxin Q&M Dental, of up to S$15.3 million in total. The rights shares are priced at S$0.03 each, on a one-for-one basis, to raise working capital for Aoxin’s China expansion. Q&M is a majority shareholder of Catalist-listed Aoxin, with about a 52.7 per cent stake. Shares of Q&M ended Friday flat at S$0.46, while shares of Aoxin ended flat at S$0.058.
Cordlife: The Ministry of Health (MOH) has extended Cordlife’s deadline to submit representations for its potential one-year suspension to Oct 27, from the initial Monday deadline. It was given 14 days to submit the representations after receiving a notice of intent from the MOH for a one-year suspension of its cord blood banking services when a recent audit revealed operational lapses. The private cord blood bank said on Monday that it has stopped the collection, testing, processing and storage of new cord blood units, in line with the notice. Shares of Cordlife ended Friday flat at S$0.174.
SG Local News
Singapore Set to Hold Monetary Policy on Steady Economic Outlook
Singapore’s central bank is expected to leave monetary policy unchanged this week as it weighs subdued inflation and the lingering threat of US trade measures against a resilient domestic growth outlook.
Sixteen out of 20 economists in a Bloomberg survey forecast the Monetary Authority of Singapore — which uses foreign exchange rather than interest rates — will maintain its settings Tuesday. Four respondents, including DBS Group Holdings Ltd. and TD Securities, expect it to resume easing after leaving policy unchanged at its last review in July.
The MAS, which holds four policy reviews per year, had loosened settings in January and April to help support growth. Unlike most central banks, which use interest rates, Singapore seeks to maintain medium-term price stability by managing its dollar’s trade-weighted appreciation within a target band.
Chinese Food and Beverage Firms Flock to Singapore as First Step in Expansion Drive
A record number of Chinese restaurants and cafes have flooded Singapore over the past year, using the island as a test bed for global expansion as they escape pallid consumer demand, extreme price competition and super-squeezed profit margins back home.
Well-known firms such as Luckin Coffee and bubble tea major Mixue joined hotpot and mala restaurant operators in the post-pandemic surge overseas, hoping to draw on the cachet of the internationally oriented city-state in a trend that industry experts and executives expect to accelerate.