Market Snapshot

Singapore stocks opened higher on Tuesday. STI rose 0.09%; Oiltek International up 4.2%; Sri Trang Agro-Industry up 2.4%; Singtel up 0.9%; DBS Group up 0.5%.

Stocks to Watch

THE following companies saw new developments that may affect trading of their securities on Tuesday (Feb 18).

Sri Trang Agro-Industry: The rubber group swung to a net profit of 854.3 million baht (S$34 million) for its fourth quarter ended December, from a net loss of 422 million baht in the previous corresponding period. The group attributed the improvement to higher contributions from its natural rubber and gloves business segments. Shares of Sri Trang Agro-Industry ended Monday flat at S$0.625, before the announcement.

Sri Trang Gloves: The glove maker posted a net profit of 556.7 million baht for the fourth quarter ended Dec 31, 2024, a turnaround from its net loss of 59.9 million baht in the same period the year before. This came as Q4 revenue rose 27.6 per cent to 6.8 billion baht. Sales volume over the same period rose 18 per cent year on year to 10.4 billion pieces. The counter closed flat at S$0.305 on Monday, before the results were released.

Oiltek International: The vegetable and edible oil engineering process company applied to move its listing from the Singapore Exchange Catalist board to the mainboard. The company said that the move would enhance its image both locally and overseas, and that it could result in better liquidity and improved share performance. Shares of Oiltek traded 1.7 per cent or S$0.02 higher at S$1.19 on Monday morning, before the company called for a trading halt. The counter resumes trading on Tuesday.

Aoxin Q&M Dental Group: The Catalist-listed company’s largest shareholder called for an extraordinary general meeting to remove its executive director Ong Siew Hwa. The requisition notice was from Ng Chin Siau, a non-executive and non-independent director of Aoxin, for and on behalf of mainboard-listed Q&M Dental Group, of which Ng is also the founder and group chief executive. Shares of Aoxin closed flat at S$0.042 on Monday.

SG Local News

Singapore Is Poised to Ramp Up Spending Going Into Election Year

Singapore is likely to boost spending in Lawrence Wong’s first budget as prime minister, offering more handouts to households and businesses ahead of election at a time of heightened global uncertainty and elevated costs at home.

Wong, who is also finance minister, is expected to focus on bringing down living costs and boosting social aid when he delivers a budget speech later on Tuesday. He will also likely detail measures to make workers and companies more competitive, as businesses bring onboard more artificial intelligence.

Higher revenues, thanks to a hike in the goods and services tax and robust economic growth in 2024, probably led to a larger-than-expected budget surplus in the fiscal year ending March, according to HSBC Holdings Plc economists Yun Liu and Madhurima Nag. That gives Wong’s administration “ample fiscal room” to provide support, they said.

Singapore Home Sales Off to Best Start Since 2021 Before Budget

Singapore home sales had their best January in four years, as market watchers look out for potential cooling measures in the country’s upcoming budget.

Developers sold 1,083 private units in the first month of the year, according to data released Monday by the Urban Redevelopment Authority. That’s more than triple the 304 reported in the same month last year, and the best start to a year since 2021.

A revival in home sales in recent months has driven speculation about the potential for fresh market curbs, with housing affordability a key voter concern ahead of elections due this year. One possible avenue for tightening would be in the budget to be announced Tuesday.

Card-Issuing Banks in Singapore to Require Additional Verification for Mobile Wallet Users

The Association of Banks in Singapore (ABS) said on Monday (Feb 17) that major card-issuing banks have adjusted their fraud surveillance measures in response to scams involving mobile wallets.

In its statement, ABS said that it has observed a rise in phishing scams involving the fraudulent provisioning of debit and credit cards into mobile wallets. Mobile wallet providers include Apple Pay, Google Pay and Samsung Pay, which are used on iOS and Android-based smartphones.