Singapore shares rose 2.4% this week following the US Federal Reserve’s decision to hold off on interest-rate cuts on Wednesday. This move provided Asian markets with a breather and more room for certainty.

In terms of star stocks, Thomson Medical rose 12%; YZJ Shipbldg SGD rose 8%; SEMBCORP INDUSTRIES LTD rose 7%; Meituan HK SDR 5to1 fell 5%.

Market News

Thomson Medical to Build 300-Bed Hospital in Johor, Banks on JS-SEZ Medical Hub Potential

Johor Bahru has the potential to become a medical hub rivalling other Malaysian cities such as Kuala Lumpur, as healthcare groups eye the Johor-Singapore Special Economic Zone (JS-SEZ), said Thomson Medical ’s group chief executive Melvin Heng.

The healthcare player, which is controlled by Singaporean billionaire Peter Lim, is capitalising on the establishment of the zone to develop Thomson Hospital Iskandariah – a 1.5-hectare (ha), multi-speciality healthcare institution in Johor.

The tertiary hospital will focus on areas such as oncology, orthopaedics, and obstetrics and gynaecology.

Sembcorp, Sarawak Energy Partner Prysmian to Supply Singapore with Green Energy

The subsidiaries of SEMBCORP INDUSTRIES LTD and state-owned utilities company Sarawak Energy have entered an agreement with Prysmian for a hydropower project that could supply Singapore with 1 gigawatt (GW) of green electricity from the Malaysian state, Sembcorp said in a bourse filing on Wednesday (Mar 19).

The preferred supplier agreement is between Sembcorp Utilities, Sarawak Energy Services and Prysmian, an Italian subsea cable maker that produces high-voltage submarine and underground cable systems.

It also involves technical partner SP PowerInterconnect, a subsidiary of Singapore’s state-owned utilities company SP Group that specialises in the development and operation of cross-border electricity interconnections.

Meituan’s Revenue Jumps 20% in a Boost for Global Expansion

Meituan’s quarterly revenue climbed 20 per cent, suggesting the Chinese meal delivery leader is successfully fending off new domestic competition while expanding abroad.

The company posted sales of 88.5 billion yuan (S$16.3 billion) in the December quarter, versus the 87.9 billion-yuan average projection. Net income was 6.2 billion yuan.

Meituan’s outperformance suggests the restaurant delivery business remains resilient as Beijing rolls out stimulus to boost consumer confidence and revive spending power across the world’s second largest economy.

Chinese EV Maker Nio’s Net Loss Deepens in Q4 Despite Record Vehicle Delivery

Chinese electric vehicle (EV) maker NIO Inc.’s net loss deepened to 7.1 billion yuan (S$1.3 billion) in the fourth quarter ended Dec 31, 2024, despite delivering a record number of vehicles in the same period.

The net loss was 27.5 per cent higher than in the year-ago period and 38.7 per cent greater than the net loss recorded in Q3, the company’s financial results showed on Friday (Mar 21).

Nio is listed in the United States, Hong Kong and Singapore.