Market Snapshot

Singapore stocks opened higher on Tuesday. STI rose 0.2%; DFIRG USD rose 8%; NIO rose 3.7%; Yoma Strategic rose 1.1%.

Stocks to Watch

DFIRG USD: The supermarket and retail store operator on Monday announced plans to divest its entire stake in Yonghui Superstores to low-cost retailer Miniso. DFI Retail’s sale of 1.9 billion shares in the Chinese supermarket operator is expected to result in about 4.5 billion yuan (S$823.6 million) in gross cash proceeds. Its shares on the Singapore bourse ended US$0.06 or 3.1 per cent lower at US$1.86, before the news.

SG Local News

Singapore Prime Minister Warns of “Dark Clouds” as US and China Compete

Singapore Prime Minister Lawrence Wong warned of “dark clouds over the horizon” as more global economic activities are viewed through a security lens.

“We are in a new era, marked by the growing contest for dominance and leadership” between US and China, Wong said at state-owned investor Temasek Holdings Pte’s 50th anniversary dinner on Monday.

“Restrictions have already been imposed on key technologies like artificial intelligence and semiconductors,” the premier said. “What is worrying is that security concerns are spilling over to more and more areas.”

GIC, Temasek Back Brookfield in Emerging Markets Transition Fund

Brookfield Asset Management has raised an initial $2.4 billion for a fund dedicated to investing in clean energy and transition assets in emerging markets, about halfway to its goal.

Investors in the Catalytic Transition Fund include Singapore sovereign wealth fund GIC Pte, Prudential, Temasek Holdings and Caisse de Depot et Placement du Quebec, which is Canada’s second-largest public pension manager, according to a statement seen by Bloomberg News.

MAS Orders Qoo10 to Stop Payment Services in Singapore

THE Monetary Authority of Singapore (MAS) has directed Singapore-headquartered e-commerce platform Qoo10 to suspend its provision of payment services locally from Sep 23.

This comes after the authorities received several merchant complaints between April and August this year against the platform for delays in processing payments.