Market Snapshot

Singapore stocks opened higher on Tuesday. STI rose 0.2%; Yangzijiang Shipbuilding rose 4%; Seatrium rose 2%; Keppel rose 1%; SIA Engineering and Genting Singapore rose 0.7%; UOB rose 0.2%.

Stocks in Focus

CapitaLand Ascendas Reit (Clar): The manager said on Tuesday that it received in-principle approval for the listing and quotation of up to 202.4 million new units of Clar on the main board of the Singapore Exchange on Monday. The new units are expected to be issued under a private placement that will partially fund Clar’s acquisition of a data centre in Tai Seng and a building in Science Park. Units of Clar closed Monday 1.5 per cent or S$0.04 higher at S$2.61 before the announcement. 

Sinarmas Land: The property development group requested a suspension in the trading of its shares to take effect from 9am on Tuesday, as the percentage of its total issued shares held in public hands has fallen below 10 per cent free float requirement. This comes as the privatisation offer by the Widjaja family-controlled Lyon Investments’ for all Sinarmas shares closed on Monday at 5.30pm, with the offeror’s resultant shareholding amounting to around 4.2 billion shares or 98.65 per cent of the total shares of Sinarmas. The counter ended Monday 1.4 per cent or S$0.005 higher at S$0.375 before the announcement.

SG Local News

Singapore PMI Marks Slower Contraction in May as Trade Tensions Thaw but Uncertainty Remains

Singapore’s overall factory activity improved in May, but remained in contraction. This was as global powers’ trade tensions de-escalated, but the outlook remains uncertain.

The city-state’s purchasing managers’ index (PMI) posted a reading of 49.7 last month, up 0.1 point from April, data from the Singapore Institute of Purchasing and Materials Management (SIPMM) showed on Monday (Jun 2).

This marked two months of contraction, after a 19-month expansion streak. A reading above 50 indicates expansion.

DBS Mobile App Customers Face Intermittent Access on Monday; Bank Says Issue Resolved

DBS and POSB customers had difficulties accessing the bank’s mobile apps on Monday (Jun 2) afternoon.

More than 1,000 reports were made on outage tracking site Downdetector since around 2 pm, mostly for mobile login and mobile banking issues.

Digibank app customers were either unable to log in to their accounts, said online forums and comments on DBS’ Facebook page.

DBS said it has since resolved the issue, with access into DBS/POSB digibank Mobile returning to normal as at 4:08 pm.