Singapore shares fell this week, with the STI down 2.4% in the last five trading days.

HPH Trust SGD rose 12.2% this week; Frasers HTrust rose 5%; Riverstone rose 4.81%.

JMH USD fell 7.07%; Top Glove fell 6.98%; Sri Trang Agro fell 6.29%.

Market News

Singapore Stocks’ Best Year Since 2017 Masks Downbeat Outlook

Singapore’s main stock index is on track to have its best annual performance since 2017, but any celebrations over the Straits Times Index’s (STI) 15 per cent gain so far this year are likely to be overshadowed by doubts about what lies ahead. 

Even with the index hovering near its record high for weeks, investors say the bourse is a shadow of its former self, with delistings outnumbering new listings, the membership less diverse and prominent regional companies such as Grab and Sea going public elsewhere. 

For traders who have lived through the boom-and-bust cycle of Singapore stocks, there’s a stark difference between the euphoria back on that record day in 2007 and the reality now. 

Top Glove Swings Back to Black with RM5.5 Million Q1 Net Profit

Glove manufacturer Top Glove posted a net profit of RM5.5 million (S$1.7 million) for the first fiscal quarter ended November, reversing its net loss of RM57.7 million in the previous corresponding period.

This translates to an earnings per share of 0.07 sen compared with the previous year’s loss of 0.72 sen per share.

On Friday (Dec 20), Top Glove said that the improvement in its bottom line came amid higher sales volume and healthier margins from continual glove-replenishment activity.

DARAG Completes Sale of North American and Bermuda Businesses to Riverstone

DARAG Group, the Malta-based legacy acquirer that focuses on the European market, announced it has completed the sale of its North American and Bermuda business entities to the RiverStone Group, a subsidiary of Fairfax Financial Holdings Ltd.

Financial details of the deal, which was first announced in August, were not disclosed.

Tencent Stocks Jump as WeChat Gifting Tool Fuels Rally

Tencent Holdings Ltd. and stocks linked to the company rallied on Friday, fueled by investor enthusiasm over a new gifting function on its popular WeChat platform.

Tencent’s shares jumped as much as 3% in Hong Kong.

The stocks jumped in the wake of a move by a WeChat-based shopping platform to test a gifting function ahead of the holiday season. It will allow users to give gifts priced less than 10,000 yuan ($1,370), excluding jewelry and educational services, according to a statement.

Firefly's Product Launch in Europe May Be 1 Quarter Later Than in China, Brand Chief Says

NIO Inc.'s third brand, Firefly, will focus on the Chinese and European markets, with the first European launch not far behind.

Firefly's first model will be launched in China in the first half of 2025, with a launch in Europe likely a quarter later, Daniel Jin, president of the Nio sub-brand, said in an interview with local media outlet 36kr, according to the text of the interview released today.

Nio initially positioned Firefly as a global model, hoping for a simultaneous release in global markets, according to Jin.

The Week Ahead

The Singapore market will end trading at 12 a.m. local time on Tuesday, 24 December 2024, and will be closed at local time on Wednesday, 25 December 2024.