Market Snapshot

Singapore stocks opened higher on Tuesday. STI up 0.8%; Nio, UOB, Singtel and Seatrium up 1%; SingPost down 1%.

Stocks in Focus

Singapore Airlines (SIA) : Its low-cost arm Scoot posted a 17.4 per cent year-on-year increase in passenger traffic for February, of three billion revenue passenger-kilometres. This came as SIA Group recorded a passenger traffic of 12.3 billion revenue passenger-km for its two carriers over the month, a 3.8 per cent increase from the year-ago period, according to its latest operating results released on Monday. SIA shares closed flat at S$6.54 before the news.

Singtel : The local telco’s mobile services were restored after a mobile outage on Monday which lasted eight hours. The cause of the disruption is unknown, though Singtel noted that it was not a cyberattack. The counter ended 1.6 per cent or S$0.08 higher at S$5.04 on Monday.

Yangzijiang Shipbuilding : The UK High Court has dismissed an appeal by claimants who sought US$832.2 million from three of the group’s wholly owned subsidiaries. This is in relation to a 2022 case involving the alleged breach of contract on 10 shipbuilding agreements with a combined value of US$900 million. The claimants’ application for permission to appeal further was also dismissed by the court, said the mainboard-listed company on Monday. The counter ended 1.3 per cent or S$0.05 lower at S$3.93 before the news.

SG Local News

GIC could sell Tokyo property for several hundred billion yen

GIC Pte Ltd, Singapore’s sovereign wealth fund, is considering selling its stake in an office building in central Tokyo for at least several hundred billion yen, people familiar with the matter said.

The fund will look for buyers for its holding of the office space section of the Pacific Century Place Marunouchi from the 8th to 31st floors, said the people, who asked not to be identified discussing confidential information. It acquired the property from PAG-backed Secured Capital Investment Management for about JPY180 billion (US$1.1 billion or $1.5 billion) in October 2014.

Singtel mobile services restored after eight-hour disruption; payment, ride hailing services affected

A Singtel mobile outage that lasted more than eight hours on March 16 has disrupted essential services in Singapore including payments, ride hailing and food delivery services.

The cause of the disruption, which started at around 10.30am, is still unknown. But the telco said it is not due to a cyber attack.

After more than eight hours, Singtel said in a Facebook post at around 7pm that its services were restored.