Singapore's stocks edged lower this week as investors focused on monetary policy released by Monetary Authority of Singapore (MAS) as well as growth forecast next Monday. Benchmark the Straits Times Index fell 0.43% to 3573.76 this week.

Market 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.

Singtel Outage: Experts Call for Review of Emergency Hotline Contingency Plans

Singtel stock tumbled 10% this week. Risk experts have called for a review of contingency plans among emergency hotline operators after an unprecedented hours-long Singtel outage cut off calls to the police, paramedics, fire department and other public lines on Oct 8.

The disruption on Oct 8 lasted more than three hours before services progressively resumed in the evening.

IMDA, which is investigating the incident, said on Oct 10 that it takes a serious view of the disruption to Singtel’s fixed voice line services and will not hesitate to take action under the Telecommunications Act.

Singapore PRs Get Visa-Free Entry to Indonesia’s Batam, Bintan

Indonesia will give visa-free entry to foreigners holding Singapore permanent residency to visit Batam, Bintan and the Karimun Islands, aiming to boost tourism and investment in the regional economic zones.

Under the new policy, visitors can stay up to four days, Director General of Immigration Silmy Karim said in a statement on Tuesday. The rules will cover several port points in the Riau region, which contain the Karimun Islands.

Singapore Ex-Minister Is Jailed, Won’t Appeal in Landmark Case

S. Iswaran turned himself in to a Singapore court to become the first ex-cabinet minister to be jailed in almost half a century, in a scandal that has riveted a city that prides itself on good governance.

Iswaran last month pleaded guilty to one charge of obstruction of justice and four charges under Section 165 of the Penal Code, including obtaining valuable items from billionaire Ong Beng Seng.

Iswaran’s imprisonment completes the downfall of a high-profile figure whose career included more than a quarter century in parliament. Justice Vincent Hoong last week sentenced him to almost twice the seven months sought by prosecutors, and six times the term sought by the defense.

Singapore Property Investment Sales Pick up in Q3; up 24.8% Qoq to S$8.3 Billion

Real estate investment activity in Singapore has seen signs of picking up since the US Federal Reserve announced a 0.5 per cent rate cut in September, creating some optimism in the market, indicated a Knight Frank Singapore report on Tuesday (Oct 8).

Figures compiled by the property consultancy firm showed that total property investment sales amounted to S$8.3 billion in Q3, up 24.8 per cent from S$6.7 billion in the preceding quarter and up 30.5 per cent from S$6.4 billion in the year-ago period.

Out of the total sales in Q3, public sector sales amounted to S$2.3 billion while private sector sales totalled S$6 billion.

HDB to Launch BTO Flats with Waiting Time Under 3 Years

Housing and Development Board (HDB) will launch 2,085 Build-To-Order (BTO) flats with waiting times of under three years as part of the upcoming October sales exercise.

The public housing authority said on Sunday (Oct 6) the flats with shorter waiting times will be offered across three projects in Bukit Batok and Sengkang.

Almost 70 per cent of these flats are four-room and five-room flats, which are the most popular flat types among families.

The Week Ahead

Singapore MAS to Hold Currency Settings in Face of Sticky Prices

Singapore's central bank is widely expected to keep monetary policy unchanged next week and hold off easing settings amid inflation and growth uncertainties caused by geopolitical tensions.

Singapore is often seen as a bellwether for global growth as its international trade dwarfs its domestic economy.

Data due alongside the policy decision is likely to show that Singapore’s growth picked up in the third quarter, helped by household spending and exports. Economists at Goldman Sachs Group Inc. expect the MAS to retain its forecast for growth of 2%–3% for this year.