Morning Wrap | Seatrium Secures Contract for Kaskida Deepwater Production Unit; US Technology Giants Drive Gains in Holiday-Shortened Trading Week
Good morning mooers! Here are things you need to know about today's Singapore markets:
- Singapore shares opened higher on Tuesday;
- Singapore Overtakes Hong Kong in Developing as a Leading Crypto Hub
- U.S. Consumer Confidence Dips Amid Political Uncertainty
- Stocks to watch: Seatrium, Sembcorp, F&N, etc.
- Latest share buy back transactions
Market Snapshot
SG:
Singapore shares opened higher on Tuesday:
Today's Volume / Value: 126.87M / S$44.58M
Advancers / Decliners: 84 / 42
US:
Technology Stocks Drive Gains in Holiday-Shortened Trading Week
Stocks rose on Monday to kick off a holiday-shortened trading week, driven by strength in technology stocks, with trading expected to remain subdued as the New York Stock Exchange closes early on Tuesday for Christmas Eve and shuts down completely on Christmas Day.
At the closing bell 4 pm ET, the $S&P 500 Index (.SPX.US)$ climbed 0.73% to 5,974.07, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.16% to 42,906.95, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.98% to 19,764.89.
The tech heavyweights, including $Tesla (TSLA.US)$, $Meta Platforms (META.US)$, and $NVIDIA (NVDA.US)$, all rose at least 2%.
Breaking News
Johor-Singapore SEZ Set to Boost Regional Growth, Says Standard Chartered Malaysia CEO
Mak Joon Nien, CEO of Standard Chartered Bank Malaysia, has expressed optimism about the Johor-Singapore Special Economic Zone (JS-SEZ), predicting it will significantly enhance economic connectivity and growth for both Malaysia and Singapore. This initiative aligns with Malaysia's upcoming chairmanship of ASEAN in 2025 and highlights the region's focus on economic integration.
Singapore Overtakes Hong Kong in Developing as a Leading Crypto Hub
Singapore has advanced its position in the race to become a premier hub for digital assets, outpacing Hong Kong in 2024 by issuing 13 new cryptocurrency licenses to major players including OKX and Upbit. In contrast, Hong Kong's more restrictive regulatory approach has slowed its progress, granting fewer licenses and maintaining tighter controls on cryptocurrency trading. Both cities aim to attract digital asset firms with robust regulatory frameworks and innovative projects, but Singapore's more open and supportive environment is proving more appealing to businesses seeking to expand in Asia.
Stocks to Watch
$Seatrium Ltd (5E2.SG)$ has been awarded a significant contract to manage engineering, procurement, construction, and onshore commissioning for the Kaskida floating production unit (FPU), a new deepwater oil production project by BP Exploration & Production. Located in the Gulf of Mexico, the Kaskida project is set to produce up to 80,000 barrels of crude oil per day in its initial phase. Utilizing innovative technologies like the Goliath twin cranes for topside integration, Seatrium aims to enhance safety and efficiency in the project's execution.
$Sembcorp Ind (U96.SG)$ has been added to the Dow Jones Sustainability Index, marking it as the only new entrant from Singapore in this year's review by S&P Dow Jones Indices. Following the announcement, Sembcorp's shares saw a modest increase, closing up S$0.01 or 0.2% at S$5.35. The indices evaluate global companies based on their sustainability performance across various sectors and regions, including Asia-Pacific and emerging markets.
$F & N (F99.SG)$ announced that its Chairman, Charoen Sirivadhanabhakdi, will retire on January 16, 2025. Sirivadhanabhakdi, who is 80 years old, will be honored with the title of Chairman Emeritus upon his retirement. Koh Poh Tiong, currently serving as a non-independent and non-executive director and adviser to the board, will succeed him. Following the announcement, F&N shares saw a slight increase, closing 0.8% higher at S$1.35.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io, Business Review
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Warm regards,
Moomoo SG News Team
Moomoo SG News Team
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