Market Snapshot

Singapore stocks opened lower on Thursday. STI fell 0.4%; Keppel fell 1%; SIA fell 0.9%; Singtel fell 0.7%; DBS fell 0.6%.

Stocks in Focus

DBS: The local bank on Wednesday said it “categorically rejects” a S$1.298 billion claim for damages in a lawsuit filed by several entities linked to the 1Malaysia Development Berhad scandal. DBS has consulted various legal advisers on this matter and also assessed that no provisions are required at this stage. DBS shares ended Wednesday at S$77.50, down 0.8 per cent or S$0.60, before its bourse filing.

KOREReitUSD: The manager of the Reit announced on Wednesday that it has secured a new S$120 million loan facility. Upon drawdown, the facility is expected to address about 65 per cent of the Reit’s loans due in 2027. Units of Kore US Reit ended at US$0.174, US$0.001 or 0.6 per cent higher on Wednesday.

Sembcorp Ind: The energy player announced on Wednesday that it has axed a deal to acquire full ownership of Philippine solar farm developer Puente Al Sol, “in light of prevailing market conditions and evolving strategic priorities”. Sembcorp had inked the deal to purchase Puente Al Sol from CleanCurrent Renewable Energy in January 2025, for a sum of S$105 million. Shares of Sembcorp ended Wednesday at S$6.19, down 0.3 per cent or S$0.02, before the announcement. 

SG Local News

DBS sued for US$1 billion in 1MDB-linked claim

SINGAPORE: Liquidators of four companies linked to recovery efforts in the multibillion-dollar 1MDB scandal have sued DBS Bank, seeking an estimated S$1.298 billion (US$1.03 billion) in damages, Southeast Asia's largest lender DBS said on Wednesday (Sep 9).

The claimants include the liquidators of four companies: Blackrock Commodities (Global), Platinum Global Luxury Services, Affinity Equity International Partners and TKIL Global Investments. The liquidators did not immediately respond to Reuters requests for comment.

In a statement to the Singapore Exchange, DBS rejected the claim and said it would fight it vigorously, adding that the company has made no provision for the lawsuit.

Singdollar hits 10-month high against ringgit as investors take refuge in traditional safe haven

The Singapore dollar rose to a 10-month high against the ringgit on Wednesday (Sep 9), as rising US Treasury yields and risk-off sentiment drove investors towards the city-state’s currency as a regional safe haven.

The exchange rate climbed to RM3.2207, the highest level since Oct 31, 2025, going by Google Finance data.

The divergence underscores contrasting near-term drivers for the neighbouring economies.

Singapore’s exchange-rate framework is buffering its currency against global market stress, while the ringgit faces pressure from a string of foreign capital outflows, even as Malaysia’s underlying economic growth remains stable.

Khaw Boon Wan to step down as SPH Media Trust chairman

SPH Media Trust (SMT) chairman Khaw Boon Wan will step down after five years at the helm, handing the role to CEO Chan Yeng Kit.

Chan will continue in his current role while taking on additional responsibilities as chairman.

The changes, agreed upon after consultation with SMT’s institutional members and board directors, are subject to regulatory approval and expected to take effect from Oct 1.

Singapore’s S$80 million vertical farm must pass the 50-cent test to succeed

THE Singapore Food Agency’s 2026 farmland tender closed in July. Two vegetable-farming plots in Lim Chu Kang and Sungei Tengah drew just five bidders; the Lim Chu Kang parcel received only a single bid – and even that was the applicant’s second choice.

The lukewarm tender contrasts sharply with January’s high-profile opening of the world’s tallest indoor vertical farm – an S$80 million facility coming in at 23.3 metres and five storeys – built by home-grown agritech company Greenphyto.