Market Snapshot

Singapore stocks opened higher on Monday. STI rose 0.1%; Sembcorp Industries rose 1.5%; SingPost rose 1%; NIO fell 3.4%.

Stocks to Watch

OCBC: The bank has agreed to sell its entire 33.3 per cent stake in Hong Kong Life Insurance to a Hong Kong investment holding company for HK$589.3 million (S$103 million). Upon completion of the sale, Hong Kong Life will cease to be associated with OCBC and OCBC Hong Kong. Shares of OCBC closed S$0.03 or 0.2 per cent higher at S$16.52 on Friday, before the announcement.

Sembcorp Industries: The group’s wholly owned subsidiary has completed the acceptance tests to commercially operate its first greenfield renewables project in Oman – four months ahead of its scheduled commercial operation date. On Monday, Sembcorp also said the project is expected to be accretive to its earnings per share. The counter closed 0.7 per cent or S$0.04 higher at S$5.45 on Friday.

SingPost: The postal services provider has released responses to queries from the Securities Investors Association (Singapore), as well as from stakeholders regarding the recent termination of its three senior executives. The account of the investigation and disciplinary process leading to the terminations ensured that “the affected executives were given the opportunity to be heard”, said the group on Sunday. Shares of SingPost ended Friday S$0.005 or 1 per cent lower at S$0.52.

Adventus, Dasin Retail Trust: Adventus and the manager of Dasin Retail Trust requested trading halts on Monday morning pending the release of their respective announcements. Shares of information and communications technology solutions provider Adventus ended Friday S$0.001 or 50 per cent higher at S$0.003, while units of Dasin closed flat at S$0.029. 

SG Local News

Singapore Sends Condolences After Fatal Jeju Air Plane Crash in South Korea

The Singapore government on Sunday (Dec 29) sent its "deepest condolences" to the South Korean government after a Jeju Air plane crashed into a wall at Muan Airport, killing 179 people.

It also conveyed its condolences to the families and loved ones of those who died.

A spokesperson for Singapore's Ministry of Foreign Affairs (MFA) said there were no reports of Singaporeans on board the flight.

Supply Crunch Seen for Singapore Core CBD Grade A Office Market

Despite a seven-year high in islandwide new office completions in 2024 amid tempered leasing demand, the Singapore office market may be heading for a severe supply crunch in the Core Central Business District (CBD) Grade A segment.

No new supply in this segment is slated for completion in the next three years, from 2025 to 2027, noted CBRE’s head of office services for Singapore, David McKellar.

“In the longer term, the CBD will remain relevant as a focal point of activity due to its centralised location and extensive access (to) infrastructure,” he said.

Singapore Oil Mogul Declared Bankrupt After Empire Collapsed

Former tycoon Lim Oon Kuin has been declared bankrupt in Singapore, following the collapse of his oil trading empire.

The name of the founder of Hin Leong Trading Pte. and his children Lim Huey Ching and Lim Chee Meng were listed as having been issued a bankruptcy order on Dec. 19, the government gazette showed. The younger Lims were both directors at the company.

Leow Quek Shiong and Seah Roh Lin of BDO Advisory Pte. Ltd. are the trustees, according to the gazette.

At its peak, Hin Leong traded a range of oil products, made lubricants and operated loading terminals and storage facilities. But the downfall of the man widely known as OK Lim came in 2020, as Covid—19 sent oil prices into freefall.