Market Snapshot

Singapore stocks opened higher on Friday. STI rose 0.4%; SIA and OCBC rose 0.5%; DBS rose 0.7%; Singtel and NIO fell 0.3%; Seatrium rose 1%; Keppel rose 0.6%.

Stocks to Watch

Top Glove: The glove manufacturer on Thursday reported significantly narrower fourth quarter net loss of RM3.6 million (S$1.1 million), as opposed to its RM461.7 million net loss a year prior. This was attributed to higher sales volume as the group’s customers continued to replenish their glove inventories. Following its results release, shares of Top Glove on the Singapore bourse closed S$0.015 or 4.6 per cent lower at S$0.31.

Frasers L&C Tr: The trust has renewed the lease at its Grade A office building in Canberra, Australia, for 12 years from Jul 5, 2025. The building accounted for 3.2 per cent of FLCT’s portfolio value as at Mar 31 this year. Units of FLCT closed 1.7 per cent or S$0.02 lower at S$1.13 on Thursday, prior to the announcement. 

SG Local News

National Wages Council Recommends 5.5% to 7.5% Pay Raise for Lower-Wage Workers in Coming Year

Singapore’s lower-wage workers should get a built-in monthly wage increase of 5.5 to 7.5 per cent, or at least S$100 to S$200, whichever is higher, the National Wages Council (NWC) said in its latest guidelines on Thursday (Oct 10).

The percentage range is the same as what was proposed last year, but the dollar range has been raised from at least S$85 to S$105 previously.

This applies to employees earning a gross monthly wage of up to S$2,500, corresponding to the 20th percentile wage level of full-time employed residents in 2023.

Latest Singapore 6-Month T-Bill Cut-off Yield Rises to 3.06%

The cut-off yield on the latest Singapore six-month Treasury bill (T-bill) rose to 3.06 per cent, auction results released by the Monetary Authority of Singapore on Thursday (Oct 10) indicated.

This is up from the 2.97 per cent offered in the previous six-month auction that closed on Sep 26.

The previous auction was also the first time the yield fell below the 3 per cent mark since September 2022.

Singapore Mansion on Sale for Record $308 Million After Failed Attempts

A luxury mansion in Singapore’s most exclusive neighbourhood is being put on the market for $308 million, following at least two unsuccessful attempts to sell it previously.

The good class bungalow at Nassim Road – which sits near the Orchard Road shopping belt – spans a total land area of more than 58,000 square feet. The property is labeled as a conservation bungalow, which means it needs to be preserved, and houses a front garden that can be split into two more plots to construct more mansions.

The Nassim Road mansion is owned by Cheong Pin Chuan, joint chief executive of Singapore property investment firm Hong Fok Corporation, and his wife. It is being marketed by Realstar Premier Group.

BlackRock, GIC to Invest in Hyundai Motor India IPO

BlackRock and Singaporean sovereign wealth fund GIC are among those that have made bids to buy stock in Hyundai Motor India’s US$3.3 billion initial public offering (IPO), according to sources familiar with the matter.

The record-breaking IPO in Mumbai is also attracting other local and international institutional investors, the sources said, asking not to be identified as the information is not public.

The so-called anchor book for the IPO, which is set to be the biggest ever in India, has been fully allocated, with half going to domestic institutions and the other half to international investors, the sources said. The anchor investor portion consists of as many as 42.4 million shares, according to the prospectus.