SG Morning Highlights | OCBC Acquires Over 90% of Great Eastern's Shares

Advancers / Decliners is 96 to 66, with 122.22 million securities worth S$125.23 million changing hands.

The annual rate of core inflation in Singapore remained at 3.1% for the third consecutive month in May, as slower increases in power, gas, and retail prices helped offset higher inflation in services, according to data from the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI). Core inflation has remained unchanged since March, with a monthly increase of 0.1%. Meanwhile, headline inflation or the consumer price index (CPI) all items inflation rose to 3.1% YoY in May from 2.7% in April, driven by a faster increase in private transport costs. Inflation in the services sector quickened due to higher holiday expenses, while food inflation remained broadly stable.

Singapore's economic growth in Q2 2024 is expected to be subdued despite strong electronics exports, according to a report from the Institute of Chartered Accountants in England and Wales (ICAEW). The report highlighted that soft domestic demand will weigh down economic growth for the year, with the recent growth in the services sector potentially temporary and the retail sector resuming its contractionary trend. The softening labour market and high interest rates are also expected to constrain business investments and limit domestic demand. In contrast, electronics exports are expected to spur economic growth in Malaysia, and ICAEW anticipates growth from electronics exports in Southeast Asia as a whole.

Lippo Malls Indonesia Retail Trust: The manager of Lippo Malls Indonesia Retail Trust (LMIRT) has entered into an agreement to issue US$16.2 million worth of guaranteed senior notes due 2026. The notes carry a coupon rate of 7.50% per annum, are payable semi-annually in arrears, and are subject to customary closing conditions. The notes are a further issuance and will rank equal to the US$200 million aggregate principal amount of 7.5% guaranteed senior notes due 2026, which were issued by LMIRT on February 9, 2021, and the US$17.6 million 7.5% notes due 2026 issued on May 28. The notes will be issued at an issue price of 95.152% of their principal amount, including accrued interest from February 9 to June 11. The proceeds will be used to refinance a portion of LMIRT's US dollar-denominated 7.25% guaranteed senior notes due in 2024 and to pay for any fees and expenses from the issue of the latest notes.