SG Morning Highlights | Singapore exports may fall further; weigh on GDP: analysts

Advancers / Decliners is 105 to 55, with 112.77 million securities worth S$188.09 million changing hands.

The collapse of cryptocurrency exchange FTX has only reinforced Singapore's strong stance against crypto speculation and trading, even as it continues to see great potential in digital asset innovation, said Deputy Prime Minister and Finance Minister Lawrence Wong on Thursday (Nov 17).

"We are open to digital innovation and digital asset innovation, but we are not open to crypto speculation at all," said Wong, adding that the latest saga has only reinforced the government's view that it is on "the right track" to "go big" on digital asset innovation.

At the same time, Singapore intends to continue exploring tighter regulatory rules around crypto trading and retail investors' access to cryptocurrencies. "We had put out a consultation paper and will review the rules that are necessary," he said.

After a larger-than-expected fall in October, Singapore's non-oil domestic exports (NODX) are likely to continue to decline at least into the year-end amid weakening external demand, said analysts. As falling exports dampen gross domestic product (GDP) growth, some economists have also lowered their forecasts for the third quarter and into next year.

A consortium led by Perennial Holdings has secured a S$3 billion green loan to finance the redevelopment of 8 Shenton Way.

This is the largest real estate green loan in Asia to date.

Perennial, DBS and OCBC on Thursday (Nov 17) said the new building at 8 Shenton Way is committed to securing the Green Mark Platinum certification, which is the Building and Construction Authority’s top sustainability standard for buildings in Singapore.

In light of the revised dividend payout, the research house recommends holding on to the stock to reap "good" dividend yields of 6 per cent to 8 per cent between FY2022 and FY2024.

On Tuesday (Nov 15), UOBKH said that its "hold" call is also based on First Resources' current share price level, which has risen by 16 per cent in the last month to surpass the research house's previous target price of S$1.70. Its analysts believe that the current price factors in "the surprise from the strong set of (Q3) results".

This will enable the Singapore-listed energy and urban solutions provider to enter into a partnership with the world's largest renewables player.

Sembcorp announced on Thursday (Nov 17) that wholly-owned subsidiary Sembcorp Energy (Shanghai) is acquiring a 45.3 per cent interest in Hunan Xingling New Energy for 1.1 billion yuan (S$204 million) from Wuling Power.

Wuling Power is an affiliated company of Chinese state-owned enterprise State Power Investment Corporation (SPIC).

Once granted, the CMS licence will allow Custody Plus to provide custodial services for capital market products, including tokenised securities.

VCPlus began diversifying away from its gold mining business after obtaining shareholder approval in April 2021.