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380 stories mentioning Straits Times IndexUpdated 2d ago

Singapore's benchmark surged Monday, tracking regional gains after a US-Iran deal to reopen the Strait of Hormuz lifted investor sentiment.

Asia

Singapore Shares Edge Higher Against Regional Slump Amid Renewed Middle East Tensions

Singapore shares closed marginally in positive territory Tuesday, proving resilient even as regional markets retreated on news that the U.S.-Iran ceasefire is nearing collapse.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,915.15 and 4,953.04 throughout the day. It ended the session at 4,946.00, up 3.23 points or nearly 0.1% compared to Monday's close.On the corporate front, OxPay Financial (SGX:TVV) surged nearly 13% at the close as it increased investment in its subsidiary, Oxygen7, through the subscription of 349,000 shares at $1 per share.Medi Lifestyle (SGX:Z4D) plunged nearly 8% at the close as it narrowed its attributable loss to owners by 21% in the first quarter of the year to 699,000 ringgit from 881,000 ringgit a year earlier.Meanwhile, shares of SIA Engineering (SGX:S59) were up over 3% at the close as the company's profit attributable to owners rose to SG$85.6 million in the fiscal second half ended March 31 from SG$70.8 million a year earlier.

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Asia

Market Chatter: ADB to Trim ASEAN Growth Forecasts as US-Iran War Drags On

The Asian Development Bank's (ADB) previous "early stabilization" scenario is no longer valid amid continued war in the Middle East, The Star reported Tuesday, citing ADB chief economist Albert Park's address to reporters.This prompts a revision of the earlier outlook, he reportedly said, as the conflict has stretched beyond initial expectations. Under updated projections, regional growth is now seen slowing to 4.7% in 2026 and 4.8% in 2027, while inflation forecasts have also been revised higher to 5.2% this year.Park warned that energy markets remain under pressure, with gas prices up around 30% and diesel rising even more sharply, while fertilizer costs have surged, raising risks for food and industrial supply chains. He also cautioned that prolonged disruption could keep oil prices elevated, with scenarios showing averages near $96 per barrel in 2026 and even higher in worst-case conditions, the news outlet said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia Markets

Singapore Shares Start Week in Green Despite Continued US-Iran Tensions

Singapore shares started the week positively despite a backdrop of diplomatic friction, as U.S. President Donald Trump dismissed recent Iranian remarks regarding regional stability as "totally unacceptable."The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,908.76 and 4,956.77 throughout the day. It ended the session at 4,942.77, up 20.87 points or 0.42% compared to Friday's close.On the corporate front, shares of Geo Energy Resources (SGX:RE4) closed over 3% higher as it signed a term sheet with Swiss private commodities investment company, Resource Invest under which the latter will invest directly or indirectly around $1.5 billion in the company's Indonesian subsidiary, Marga Bara Jaya.BRC Asia's (SGX:BEC) shares closed nearly 3% lower as its attributable profit to owners rose 24% in the fiscal first half ended March 31, to SG$52.0 million from SG$42.1 million a year earlier.Meanwhile, shares of Autago (SGX:WNH) surged over 33% at the close as it completed its share consolidation exercise on May 8.

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Asia

Singapore Shares Crash as Middle East Tensions Weigh; OCBC Gains on Steady Q1 Growth

Singapore shares closed in negative territory on Friday, joining a regional retreat as investors reacted to news of the latest military strikes between the U.S. and Iran.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,895.09 and 4,939.10 throughout the day. It ended the session at 4,921.90, down 20.06 points or 0.4% compared to Thursday's close.According to Iranian news agencies, explosions were heard near the city of Bandar Abbas, with the Tehran regime responding by attacking US military vessels.On the corporate front, Oversea-Chinese Banking Corp. or OCBC's (SGX:O39) net profit attributable to equity holders rose 5% in the first quarter of the year to SG$1.97 billion from SG$1.88 billion a year earlier. Its shares were marginally up at the close.Shares of AvePoint (SGX:AVP) were up nearly 2% at the close as it booked a higher net income of $15.3 million during the first quarter of the year compared with $3.6 million a year earlier.Meanwhile, shares of Frasers Property (SGX:TQ5) closed nearly 3% lower, as its attributable profit to owners dropped by 38% during the fiscal first half ended March 31 to SG$88.4 million from SG$142.2 million a year earlier.

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Asia

Market Chatter: Singapore's Oil Product Stocks Hit New Low Amid US-Iran War

Singapore's oil product stocks totaled 44.83 million barrels as of May 6, the lowest level in nine months, Reuters reported Thursday, citing data from Enterprise Singapore.The drop is mainly due to the impact of the U.S.-Iran war, which has disrupted crude and fuel exports across the region, the report said.Residential fuel inventories came in at 19.88 million barrels, slightly closer to a 50-week low of 19.488 million barrels a week earlier, according to the report.Meanwhile, middle distillate stocks dropped to 10.077 million barrels, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Market Chatter: Singapore to Clamp Down on Home Flipping

Singapore's Minister for National Development, Chee Hong Tat, outlined plans to discourage flipping of some homes, Bloomberg News reported Friday.The regulator is looking to introduce measures aimed at executive condominiums, the minimum occupation period of which will be doubled to 10 years, the report said.Under the new rules, buyers of executive condos will be required to go through the minimum occupation period before renting out the unit, selling it, or purchasing another home, the report noted.The new rules will be implemented to ease speculation in the city-state's real estate market and to improve profitability, according to the report.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Amazon Singapore to Pivot to International Store Model

E-commerce giant Amazon is looking to carry out a significant restructuring of its retail operations in Singapore, according to a company release on Thursday.Under the plan, the technology company will phase out its local grocery fulfilment vertical and will divert focus towards its international catalogue.The shift will reportedly result in under 10% of its workforce in Singapore losing jobs, according to a report by The Business Times.However, the company has outlined plans to provide support to employees who might not be internally relocated to other departments.

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Asia

Singapore Shares Extend Gains Amid Positive US-Iran Talks

Singapore shares extended gains on Thursday, after the US president, Donald Trump, revealed that he held positive discussions with Iran, leading to a sharp decline in oil prices.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,932.89 and 4,958.05 throughout the day. It ended the session at 4,941.96, up 14.58 points or 0.3% compared to Wednesday's close.Earlier, Iran revealed it was reviewing a new US proposal to put an end of hostilities between the two nations.In economic news, Singapore's foreign exchange reserves rose to SG$544.1 billion in April from SG$541.7 billion in March, according to data from the Monetary Authority of Singapore.On the corporate front, shares of Coliwoo (SGX:W8W) surged nearly 7% at the close as its net profit attributable to equity holders jumped 44% in the fiscal first half ended March 31 to SG$13.4 million from SG$9.3 million a year earlier.AIMS APAC REIT's (SGX:O5RU) shares were up nearly 4% after its distribution per unit rose 2.6% in the fiscal year ended March 31 to SG$0.0985 from SG$0.096 a year earlier.Meanwhile, StarHub (SGX:CC3) reported 1% declined in its net attributable profit to shareholders plunged 81% in the first quarter of the year to SG$5.9 million from SG$31.8 million a year earlier.

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International

Singapore's Forex Reserves Climb Over SG$544 Billion in April

Singapore's foreign exchange reserves rose to SG$544.1 billion in April from SG$541.7 billion in March, according to preliminary data from the Monetary Authority of Singapore released Thursday.The city-state logged a month-on-month increase in gold and foreign exchange to about SG$534.0 billion from about SG$531.6 billion.The International Monetary Fund reserve position increased to over SG$1.86 billion during the month from SG$1.80 billion in the preceding month, the data showed. Special drawing rights, however, fell to SG$8.24 billion from about SG$8.30 billion.In US dollar terms, total foreign exchange reserves jumped to nearly $427.3 billion from $419.9 billion in March, according to the latest update.

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Asia

Singapore Shares Eke Out Gains; MeGroup Rises 9%

Singapore shares closed marginally higher on Wednesday, as investor sentiment improved on hopes of the US and Iran reaching a peace deal.The Straits Times Index ranged between 4,915.13 and 4,935.68 throughout the day. It ended the session little changed in positive territory at 4,927.38.On the corporate front, shares of MeGroup (SGX:SJY) rose 9% after its subsidiary, Menang Nusantara, agreed to acquire two freehold commercial units in Malaysia for 14 million ringgit.Ley Choon (SGX:Q0X) closed nearly 5% higher as its subsidiary, Ley Choon Constructions and Engineering, secured underground utilities services contracts worth SG$35.6 million.Meanwhile, Centurion Accommodation REIT (SGX:8C8U) gained 2% as its net property income reached SG$37.5 million in the first quarter, above the expected SG$36.6 million.

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Asia

Market Chatter: New Zealand Considering Singapore, Malaysia as Fuel Storage Options Amid Middle East Conflict

New Zealand is considering storing its fuel in Singapore and Malaysia amid the impact of the Iran war, according to a report by Bloomberg on Wednesday.The country's resource minister, Shane Jones, revealed that New Zealand does not have surplus storage capacity and is currently exploring alternatives, with Malaysia and Singapore cited as two countries to cater to the country's storing needs, the report said.New Zealand's storage capacity was severely impacted following the closure of a solitary refinery in Auckland in 2022, the report noted.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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US Markets

Singapore's Private Sector Growth Accelerates in April Amid Record Demand

Singapore's private sector growth surged to its second-highest level since July 2022, driven by a record influx of new business.The headline seasonally adjusted S&P Global Singapore Purchasing Managers' Index (PMI) rose to 57.9 in April from 56.7 in March, according to a report released Tuesday."The Singaporean private sector gained speed in April, with stronger growth in output and a record influx of new business signaled," S&P Global Market Intelligence economist Eleanor Dennison said. "April's demand injection meant that input requirements were greater and this triggered a record increase in buying activity."New business accelerated due to a pick-up in domestic demand, offsetting the slowdown in export sales.Ongoing tensions in the Middle East, which disrupted global oil supply, particularly in March, drove up prices and affected international demand for Singapore businesses.Escalating oil prices also intensified cost pressures for local businesses, prompting most firms to pass the burden onto consumers by raising prices, according to S&P.Companies reported accumulating backlogs as many trimmed jobs due to cost pressures."At a time of severely elevated inflationary pressures, firms therefore looked to cut costs where they could, which materialised as a reduction in employment levels," said Dennison.Despite a drop in headcounts, business sentiment remained upbeat, with Singaporean companies' growth expectations currently at "their brightest on record," Dennison added.Meanwhile, Singapore's retail sector remained resilient. Despite fluctuating fuel prices, strong vehicle sales continued to boost retail activity. Data from Statistics Singapore on Tuesday revealed a 4.8% year-over-year increase in retail sales in March, boosted by a 12.9% surge in motor vehicle and parts sales.Singapore's first-quarter performance points to "resilient" consumer activity, supported by labor market conditions and tourism, Chua Han Teng, senior economist with Singapore-based DBS Bank said in a recent note, as per Singapore-based The Straits Times.

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International

S&P Global Singapore PMI Expands at Faster Pace in April

The S&P Global Singapore Purchasing Manager's Index posted above the 50.0 no-change mark for the 15th straight month in April, according to survey data released by S&P Global on Wednesday.PMI edged up to 57.9 in April from 56.7 in March, with the latest figure driven by a record injection of new business.The acceleration was also attributed to a pick-up in domestic demand, which offset a softer uptick in exports.

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Asia

Singapore Stocks Edge Down as Middle East Tensions Offset Upbeat Retail Data

Singapore shares incurred losses on Tuesday, mirroring regional losses as investors responded negatively to the possibility of the US and Iran returning to hostilities amid a fragile ceasefire.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,891.83 and 4,920.61 throughout the day. It ended the session at 4,920.61, down 3.70 points or 0.1% compared to Monday's close.In economic news, Singapore's total retail sales rose 4.8% year on year in March, following the 8.3% growth in the preceding month, according to data released by the Department of Statistics Singapore.On the corporate front, shares of UltraGreen.ai (SGX:ULG) dropped over 7% at the close as its total vial shipment fell 8.7% during the first quarter of the year to 280,900 vials from 307,600 vials a year earlier.Overseas-Chinese Banking Corp. or OCBC (SGX:O39) were hardly moved at the close, as it agreed to acquire the retail and wealth management business of HSBC's (HKG:0005) Indonesian arm.Meanwhile, shares of United Overseas Insurance (SGX:U13) were down under 1% as its insurance revenue dropped to SG$24.9 million in the first quarter of the year from SG$27.3 million a year earlier.

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US Markets

Singapore Retail Sales Gain in March Driven by Auto and Tech Demand

Boosted by vehicle sales, Singapore retail activity logged a strong performance in March, as reported by Statistics Singapore on Tuesday.The city-state's retail sales grew 4.8% year on year in March and rose a seasonally adjusted 3.7% from the preceding month, reported officials.Motor vehicle and part sales in March in Singapore grew by 12.9% on year in March, and expanded by 6.1% on month.Computer and telecommunications equipment sales increased by 11.9% on year in March, and by 6.2% from February, added Statistics Singapore.In contrast, Singapore, food and alcohol sales fell by 6% on year and by 5.1% from the previous month, according to official figures.Also lagging a bit were furniture and household equipment sales, off 1.9% on year in March, though up 0.2% from February.Singapore's first-quarter performance points to "resilient" consumer activity, supported by labor market conditions and tourism, said Chua Han Teng, senior economist with Singapore-based DBS Bank, reported the Singapore-based The Straits Times.Nevertheless, the city-state's retail outlook is "clouded by heightened global economic uncertainty stemming from the Middle East conflict," with consumer spending likely to turn more cautious as inflation weighs on purchasing power and labor market conditions soften, added the DBS economist.

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International

ASEAN Manufacturing Growth Slows to Nine-Month Low in April, S&P Global Says

ASEAN's manufacturing sector expanded at a slower pace in April, with growth easing to a nine-month low as price pressures intensified, according to data released by S&P Global on Tuesday.The S&P Global ASEAN Manufacturing Purchasing Managers' Index fell to 50.7 in April from 51.8 in March, marking the weakest reading since July but extending the current expansion streak to nine months.New order growth slowed to an eight-month low, while production growth eased further and moved close to stagnation. New export orders declined for a second straight month at the fastest pace since last July.Firms cut employment for the first time in eight months, while purchasing activity increased.On the price front, input cost inflation surged to its highest level since March 2022, while output prices rose at the fastest pace in 49 months, reflecting stronger cost pass-through by firms.Despite challenges and weak historical levels, business confidence stayed positive in April, with manufacturers expecting production to grow over the next year, the report said.

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International

Singapore's Retail Sales Jump 4.8% in March

Singapore's total retail sales rose 4.8% year on year in March, following the 8.3% growth in the preceding month, according to data released by the Department of Statistics Singapore on Tuesday.Excluding motor vehicles, retail sales climbed 3.3% on year in March.On a seasonally adjusted month-on-month basis, total retail sales were up 3.7% during the month, the data showed. Excluding motor vehicles, seasonally adjusted retail sales rose 3.3% in March.Estimated total retail sales came in at SG$4.7 billion in March, with online sales making up 15.7% of it, the data showed. Excluding motor vehicles, total retail sales stood at SG$3.8 billion.

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Asia

Grab Attributable Profit Surges in Q1

Singapore-headquartered ride-hailing company Grab reported attributable profit of $136 million in the first quarter of the year from $24 million a year earlier, according to a company release on Tuesday.Basic earnings per share were $0.03 compared with EPS of $0.01 a year ago.Revenue climbed 24% year over year to $955 million from $773 million, backed by growth across the on-demand and financial services segments.

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Asia

Singapore, New Zealand Sign Deal to Keep Supply Chains Open Even During Crisis

Singapore and New Zealand have signed a new agreement on supply chain resilience as part of a broader partnership between the two states.The deal will keep essential goods like food, fuel, and other critical supplies moving even during a crisis or shortages, Singapore Prime Minister Lawrence Wong said in a joint press conference with New Zealand Prime Minister Christopher Luxon on Monday.

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Asia

Singapore Stocks Mirror Regional Gains Buoyed by IT Rally; Salt Investments Zooms 33%

Singapore shares surged on Monday, tracking regional sentiment lifted by a rally in technology stocks.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,924.31 and 4,960.14 throughout the day. It ended the session at 4,924.31, up 11.62 points or 0.2% compared to Thursday's close.On the corporate front, shares of Salt Investments (SGX:FQ7) soared over 33% at the close as it signed a placement agreement with Evolve Capital Advisory to raise up to SG$4.8 million.OxPay Financial Services (SGX:TVV) closed over 15% higher as its subsidiary, Oxygen7, secured a financial services license from the Gelephu Financial Services Office of Bhutan.Meanwhile, shares of Emerging Towns & Cities Singapore (SGX:1C0) fell nearly 17% at the close with the property developer forecasting a loss in the first quarter of the year.

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