Singapore stocks edged higher this week with the STI down 1.42%.

In terms of individual stocks, Sinarmas Land rose 28%, Nio rose 15.2%, CapitaLand China rose 14%, DFIRG USD surged 13.5%; Top Glove fell 7.5%, YZJ Shipbldg fell 6.7%, Singtel fell 5.6% and DBS fell 3.6%.

Market News

REITs with China Exposure Surge on Stimulus Measures

Singapore REITs with China assets led the gains following the announcement of significant stimulus measures to lift the economy. CapitaLand China Trust gained 14% this week.

NIO Stock Soars on Stimulus Plan

On Tuesday, People’s Bank of China’s (PBOC) significant stimulus measures boosted China’s EV makers’ shares. The NIO stock gained 15.2% this week.

China’s waning economic growth and sluggish consumer sentiment have impacted NIO’s high-end car sales. However, China’s central bank’s array of stimulus measures to revive economic growth should improve consumers’ purchasing power and give them the means to purchase NIO’s luxury vehicles like the all-new ES8.

DFI Retail Group Disposes of 1.9 Bil Shares in Yonghui Superstores for RMB4.5 Bil

DFI Retail Group has disposed of 1,913,135,376 shares indirectly held through its subsidiary in Yonghui Superstores to Guangdong Juncai International Trading, a subsidiary of MINISO Group Holding Limited. 

The disposal of the shares, which are listed on the Shanghai Stock Exchange, will net the group RMB4.9 billion ($823.3 million), or RMB2.35 per share, upon completion. 

DBS Moving to Raise China Securities Joint Venture Stake to 91%, CEO Says

DBS Group Chief Executive Piyush Gupta said on Wednesday it is in the process of increasing ownership in its China securities joint venture to 91% from 51%.

The comments came a day after China introduced aggressive measures to prop up its ailing economy and capital markets.

The largest bank by assets in Singapore confirmed that it is the buyer of stakes up for sale by its Chinese joint venture partners, though the transaction is still pending regulatory approval.

The Week Ahead

Singapore Retail Sales

Singapore will release retail sales on Friday, October 4th.