Market Snapshot

Singapore stocks opened lower on Tuesday. STI fell 0.3%; NIO fell over 5%; YZJ Shipbldg fell over 2%; Seatrium fell 1.8%.

Stocks to Watch

Yangzijiang Shipbuilding: Customers who initiated arbitration proceedings against three of its units over alleged contractual breaches have been awarded a right to a refund of US$3.32 million in deposits. The proceedings, which were filed in 2022, relate to orders the customers placed for 10 vessels worth US$900 million. Shares of YZJ closed 1.68 per cent or S$0.04 higher at S$2.42 on Monday, before the announcement.

iFast: The digital banking and investment platform appointed Vincent Tong as the chief executive officer of its Singapore business arm, iFast Financial, on Monday. He replaces Lim Chung Chun, who also holds the position of group CEO and chairman of iFast Corp. In a bourse filing on Monday, iFast said that Tong’s appointment has received regulatory approval. Shares of iFast closed Monday 0.93 per cent or S$0.08 down at S$8.52, before the announcement.

SG Local News

Singapore’s January Gold Exports to US Soar to over Two-Thirds That for Whole of 2024

Singapore’s gold exports to the US have surged as traders there scramble to secure physical supply, driven by fears of trade disruptions and the Republic’s status as one of the few trade partners with zero US tariffs on the yellow metal in any form.

In January alone, Singapore shipped 11.3 tonnes of gold to the US – a volume that nears last year’s total; it already represents 77 per cent of the city-state’s total gold exports to the US in all of 2024.

Singapore’s PMI Dips in February Amid Improving Regionwide Factory Activity

Singapore’s overall factory activity dipped in February, even as manufacturing sentiment across the region improved.

The Purchasing Managers’ Index (PMI) dipped slightly to 50.7 in February, a 0.2 point decline from the previous month, indicated data from the Singapore Institute of Purchasing and Materials Management (SIPMM) released on Monday (Mar 3).

A PMI reading above 50 indicates growth from the previous month, while one below 50 points to a contraction.

Singapore Probes Potential Fraud in Nvidia AI Chip Shipments

Singapore is probing whether Dell Technologies Inc. and Super Micro Computer Inc. servers shipped to Malaysia housed Nvidia Corp. chips barred from China, an investigation that highlights the role of middlemen in funneling high-end semiconductors.

The country’s law minister on Monday outlined specifics of the probe after local media reported police arrested several people for their alleged roles in procuring and shipping Nvidia chips in violation of US sanctions. They stand accused of misleading server suppliers of the actual end users of the hardware, which were shipped from Singapore to Malaysia, Law Minister K Shanmugam told reporters. Authorities are now investigating if the servers, made by Dell and Super Micro, made their way to other countries, he said.