Market Snapshot
Singapore stocks opened higher on Tuesday. STI rose 0.5%; Yangzijiang Shipbuilding up 2%.
Stocks in Focus
Mapletree Log Tr: The manager of Mapletree Logistics Trust on Monday announced that it had completed the divestment of an Australian property. Located in Victoria, Australia, the logistics property was sold for A$60 million (S$50.4 million). Following this divestment, the trust’s portfolio comprises 174 properties and the total value of its assets under management is S$13 billion. Units of Mapletree Logistics Trust closed flat on Monday at S$1.26, before the announcement.
KEPPEL REIT: The manager of Reit on Monday announced that its private placement to raise S$113 million for a Sydney mall acquisition was approved. The 115 million units, issued at S$0.983 per unit, are expected to commence trading on Friday. The Reit is buying a 75 per cent stake in Top Ryde City Shopping Centre in Sydney – its first pure-play retail purchase. Units of Keppel Reit closed flat on Monday at S$1, before the announcement.
SG Local News
Singapore Keeps Policy Unchanged Amid Resilient Economic Growth
Singapore kept its monetary policy unchanged amid stronger-than-expected economic growth despite the risks from President Donald Trump’s global trade war.
The Monetary Authority of Singapore, which uses the exchange rate as its main policy tool rather than interest rates, said on Tuesday it would keep the slope, width and center of its policy band unchanged. Sixteen of 20 economists in a Bloomberg survey predicted the MAS would maintain those settings, while the remainder expected another round of easing.
Separately, the city-state’s economy grew 2.9% year-on-year in the third quarter, according to preliminary estimates from the Ministry of Trade and Industry. That compares with a 2% in a Bloomberg survey. Drivers of the faster-than-expected expansion include construction and services, the ministry said.
DHT Says Its Fleet Has No US Links After China's New Port Fee Move
Oil tanker operator DHT Holdings said on Monday that its fleet does not fall under the scope of China's new special port fees targeting U.S.-linked vessels.
China has imposed fees on U.S. ships that visit its ports, effective October 14, as a countermeasure to U.S. port fees on China-linked ships.
Genting Bhd Moves to Privatise Genting Malaysia in RM6.7 Billion Deal
Genting Bhd (Genting) has unveiled plans to buy out the minority shareholders of its subsidiary Genting Malaysia (GENM) in a RM6.7 billion (S$2.1 billion) deal that would lead to the gaming and hospitality arm’s delisting from Bursa Malaysia.
In a filing to the stock exchange on Monday (Oct 13), Genting said it has launched a conditional voluntary takeover offer at RM2.35 a share, representing a premium of almost 10 per cent to GENM’s last-traded price of RM2.14 on Friday, before trading on its stock was suspended.