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Morning Wrap | SingPost Shares Climb Amid Executive Inquiry; US Market Falls Despite Nvidia's CES Boost
Good morning mooers! Here are things you need to know about today's Singapore markets:
- Singapore shares opened higher on Wednesday;
- Johor-Singapore Special Economic Zone Agreement Inked
- PM Wong Sets 2025 Agenda for Singapore-Malaysia Relations
- Stocks to watch: SingPost, etc.
- Latest share buy back transactions
Market Snapshot
SG:
Singapore shares opened higher on Wednesday:
Today's Volume / Value: 14.47M / S$39.87M
Advancers / Decliners: 44 / 47
US:
Market Dips Following Chip Stock Decline, Despite Nvidia's Surge at CES
The market fell Tuesday, following chip stocks lower after Nvidia led the way to all-time highs Monday night. The stock price spike marked Cheif Jensen Huang's new product showcase at the Consumer Electronics Showcase Las Vagas Keynote, where he showed off a robot future and affordable graphics cards.
Just past 4 pm ET the $S&P 500 Index (.SPX.US)$ fell 1.11%, the $Dow Jones Industrial Average (.DJI.US)$ was falling 0.42%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 1%.
Breaking News
Johor-Singapore Special Economic Zone Agreement Inked
At the 11th Malaysia-Singapore Leaders' Retreat in Putrajaya, Prime Ministers Lawrence Wong and Anwar Ibrahim signed a new agreement to establish the Johor-Singapore Special Economic Zone (JS-SEZ), aimed at boosting competitiveness and attracting global investments. Spanning over 3,500 square kilometers, this initiative promises to enhance business growth and create quality jobs across both nations.
The leaders also discussed persistent bilateral issues, including airspace and maritime boundaries, acknowledging progress and the complexities ahead. With Malaysia's upcoming ASEAN chairmanship in 2025, the focus remains on strengthening regional cooperation and resilience amidst global challenges.
PM Wong Sets 2025 Agenda for Singapore-Malaysia Relations
Prime Minister Lawrence Wong prioritized resolving longstanding bilateral issues such as airspace and maritime cooperation. He stressed the importance of these alongside new initiatives like the Johor-Singapore Special Economic Zone (JS-SEZ) and the Rapid Transit System (RTS) Link, both aimed at strengthening ties. Wong and Malaysian Prime Minister Anwar Ibrahim committed to making significant progress by their next meeting, also exploring new areas like cross-border energy projects.
Stocks to Watch
$SingPost (S08.SG)$ saw former executives Vincent Phang and Vincent Yik choose an independent inquiry over litigation following their dismissal related to mishandling a whistleblower report, leading to a rise in shares to S$0.555 after the announcement.
$Centurion (OU8.SG)$ is considering the creation of a Real Estate Investment Trust comprising its worker and student accommodation assets, aiming for a listing on the Singapore Exchange subject to regulatory approvals, with shares increasing to S$0.96 prior to the news.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io, Business Review
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Moomoo SG News Team
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