Market Snapshot

Singapore stocks opened higher on Wednesday. STI rose 0.3%; DBS rose 0.8%; Seatrium fell 0.7%; Nio rose 0.9%; Sats rose 1%; ST Engineering rose 1.4%.

Stocks to Watch

Frasers Property: Its subsidiary secured a dual-tranche, sustainability-linked loan aggregating about S$904 million, announced the property group on Tuesday. Proceeds will be used to refinance existing loans, and for working capital and other general corporate purposes. Shares of Frasers Property ended flat at S$0.795, after the news.

ST Engineering: The technology and engineering group’s commercial aerospace unit is providing module repair offload support for two of Safran Aircraft Engines’ engine types under a new two-year contract. It also intends to reinforce its support to Safran Aircraft Engines by providing Leap-1B engines maintenance offload services. ST Engineering closed S$0.06 or 1.4 per cent higher at S$4.32 on Tuesday, after the announcement.

Yoma Strategic: The Myanmar-focused company on Wednesday clarified that no charges have been filed against its executive chairman Serge Pun. This came after a Myanmar news agency reported that Pun had been held in junta custody for more than a month over alleged violations of banking regulations. Shares of Yoma closed 4 per cent or S$0.006 lower at S$0.144 on Tuesday.

Second Chance: Mainboard-listed Second Chance Properties requested a trading halt on Wednesday morning, pending the release of an announcement. The counter ended Tuesday unchanged at S$0.215.

SG Local News

DBS CEO Says Bank Hunting for Bolt-on Deals, Not Game-Changing Ones

DBS Group is looking for bolt-on acquisitions that would support its geographic and business strategy but has ruled out making a major buy to save itself from distraction, Piyush Gupta, CEO of the Singapore bank, said on Tuesday.

In an interview at the Reuters NEXT forum in Singapore, Gupta also said that despite growing geopolitical risks DBS remained optimistic on Asia because of its economic growth rates of 4% to 5%. That rate, he said, was almost double that recorded elsewhere in the world.

Gupta said DBS had chosen to focus its geographical growth during his 15-year tenure at the helm on the four major markets of China, India, Indonesia and Taiwan.

SGX Has No Immediate Plans to Allow Crypto Listings, CEO Says

Singapore Exchange (SGX) has no immediate plans to allow cryptocurrency listings on its bourse, CEO Loh Boon Chye said on Tuesday, adding that conditions are still not ripe for such a move.

Speaking in an interview at the Reuters NEXT conference in Singapore, Loh said "not at the moment", when asked whether SGX would be open to crypto listings.

"I think for any new product launches, it's important for this to have a sustainable ecosystem support," he said. "That really means demand, that really means governance, that really means structure."

Temasek Portfolio Value Logs Modest Rise; Has a Cautious Approach to China

Singapore state investor Temasek said on Tuesday its net portfolio value had swung back to growth with a 1.8% gain, adding that profits from investments in the United States and India helped cushion the impact of underperformance in China.

Significantly, Temasek's (TEM.UL) exposure to the Americas surpassed China for the first time in a decade, accounting for 22% of its portfolio versus China's 19% during the year ended March.

Temasek said it is taking a cautious approach to China and would continue to monitor the country's government policies this year. Aside from Singapore - its biggest market accounting for 27% of its portfolio, the U.S. would continue to be a leading destination for its capital, followed by India and Europe.

Singapore Container Ship Logjam Spills Over to Malaysian Port

Container ship congestion in Singapore, one of Asia’s busiest ports, is spreading to neighboring Malaysia, snarling supply chains and causing delays in the movement of consumer goods.

Around 20 container vessels are anchored in a cluster off Port Klang, on the western coast of Malaysia near Kuala Lumpur. Both Klang and Singapore sit on the Straits of Malacca, a vital waterway that links Europe and the Middle East to East Asia.

The maritime logjam is being caused by ships avoiding the Suez Canal and Red Sea due to attacks by Houthi rebels, who support Hamas in the war with Israel. Many vessels heading toward Asia are opting to travel around the southern tip of Africa, meaning they’re not able to refuel or unload cargo in the Middle East.