Market Snapshot

Singapore stocks opened higher on Friday. STI rose 1.3%, Singtel up 1.8%, DBS up 2%, OCBC up 1.8%.

Stocks to Watch

Singtel: The telecommunications giant’s Australian subsidiary, Optus, has signed a A$1.95 billion (S$1.64 billion) committed revolving credit facility with 12 banks. The facility will be used to refinance the company’s existing credit facilities, as well as for other general corporate purposes, said Singtel on Friday. Shares of Singtel closed 1.9 per cent or S$0.06 higher at S$3.26 on Tuesday.

SG Local News

Suntec, Keppel, OUE REITs report strong office occupancy in 2024

Suntec REIT, Keppel REIT (KREIT), and OUE REIT all logged healthy office occupancy and rental reversions in 2024.

Suntec REIT logged an office committed occupancy of 98.7% at end-FY2024, and a +10.3% rental reversion for the whole year on 500.8k of square feet (sqft) leased.

However, its management guided for a more modest +1% to 5% rent reversion for FY2025, on the back of average expiring rents of S$10.12 per square foot (pst) at Suntec Office.

Grab contributes $5.2b to Singapore's economy in 2023

Ride-hailing firm Grab's on-demand services contributed $5.2b to Singapore's economy in 2023, or around 0.8%, of the country’s GDP, according to Oxford Economics.

In its report, Oxford Economics said Grab’s operations directly generated $1.2b, primarily through employment and services provided by corporate offices and external vendors.

Additionally, merchant-partners on the GrabFood and GrabMart platforms contributed $900m through their sales, whilst driver and delivery partners accounted for $3.1b.