Market Snapshot

Singapore stocks opened higher on Monday. STI rose 0.03%; AEM and Fu Yu rose 1%; Yangzijiang Shipbuilding rose 0.9%; SIA and Keppel rose 0.4%.

Stocks in Focus

OCBC: The local bank announced in an e-mail sent to customers on Jun 27 that it will cut interest rates for its 360 Account, in line with lower interest rate expectations. With effect from Aug 1, the maximum interest rate of its flagship savings account will be lowered to 5.45 per cent per annum on the first S$100,000, from the current 6.3 per cent. This is the second time this year that OCBC has trimmed rates for the 360 Account, having announced in March that it would cut the maximum rate to 6.3 per cent per annum for the first S$100,000, from 7.65 per cent, on May 1. Its shares closed up 0.7 per cent or S$0.12 at S$16.35 on Friday, prior to the rate revision announcement.

Fu Yu: The components manufacturer on Sunday announced the appointments of four new independent, non-executive directors at its annual general meeting on Jun 27. This follows the resignation of three of the group’s independent, non-executive directors on Jun 11, after attempts by its largest shareholder to have two of them removed, which left Fu Yu with no independent directors and its group chief executive officer David Seow as the sole director. The counter ended Friday 2.1 per cent or S$0.002 higher at S$0.097.

TalkMed Group: The acquisition of tertiary healthcare service provider TalkMed Group by Tamarind Health has been approved by the Competition and Consumer Commission of Singapore (CCCS). Earlier on Dec 23, 2024, a special purpose vehicle managed by Tamarind Health, TW Troy, proposed to privatise the mainboard-listed group by way of scheme of arrangement at S$0.456 per share. The competition watchdog said in a statement last Friday that it had assessed that the transaction will not substantially lessen competition within the Singapore market. Shares of TalkMed closed flat at S$0.45 on Friday, before CCCS’ announcement.

SG Local News

Singapore's Renewables Usage Hits Record High as Imports, Solar Output Rise

Singapore boosted the share of renewables in its power generation mix to a record high in May, an analysis of the latest market data showed, as the country ramped up renewable imports and accelerated local solar power generation.

Domestic solar generation in May rose at the fastest pace since March 2024 and renewable imports rose a third straight month to their highest in more than two years, lifting the share of renewables in the city-state's power mix to 2.58%, data from the National Electricity Market of Singapore showed.

Cross-border power trade is seen as key to easing regional reliance on fossil fuels amid growing data centre-driven power demand.

Singapore expects to meet 6 GW, or around one-third of its power demand from clean electricity imports by 2035, as Asia's second-smallest country has limited renewable energy potential. Gas-fired power plants in Singapore account for about 95% of its power capacity.

Singapore to Trial Autonomous Vehicles in Punggol from Fourth Quarter of 2025

Singapore will trial autonomous vehicles (AVs) in Punggol from the fourth quarter of this year, Acting Transport Minister Jeffrey Siow said on Friday (Jun 27).

Mr Siow and Senior Minister of State for Transport Sun Xueling were in Guangzhou from Thursday to Saturday to learn about the development and deployment of AVs in China.

Noting that AVs are a maturing technology, Mr Siow said that in the short term, the Ministry of Transport (MOT) is thinking about how AVs can be used to support the public transport network. 

TSMC Affiliate VIS May Expedite Production at $8 Billion Singapore Fab

TSMC’s smaller affiliate Vanguard International Semiconductor Corp. may accelerate the chip production schedule at its new $7.8 billion joint venture in Singapore on greater customer demand for hedging against geopolitical risks.

VIS may be able to push production at the new plant, which makes mature chips, to as soon as late 2026 versus the originally announced schedule of the first half of 2027, VIS Chairman Fang Leuh told reporters at a company event on Saturday in Taoyuan, Taiwan. VIS broke ground for the facility in the fourth quarter of 2024.

“Over the past few months many customers have shown greater interest in our new 300-millimeter Singapore plant due to geopolitical uncertainties,” said Fang.