SG Morning Highlights | Sembcorp Secures Contract for Wind-Solar Hybrid Project in India

Advancers / Decliners is 126 / 50, with 92.45M million securities worth S$160.28M million changing hands.

Singapore's principal exports sustained their growth trajectory in September, with rises observed in both electronics and non-electronics sectors. Non-oil domestic exports (NODX) experienced a 2.7 percent increase year-on-year in September, building on the 10.7 percent surge reported in August, according to data from Enterprise Singapore (EnterpriseSG) released on Thursday (Oct 17). On a seasonally adjusted monthly basis, NODX saw a 1.1 percent rise, reversing the 4.7 percent decrease noted the prior month, to reach S$14.9 billion in September. This figure not only surpassed the previous month's S$14.7 billion but also exceeded the average level from the same period last year.

Real estate investment sales saw a robust increase in the third quarter of 2024, marking a 22.7% rise from the previous quarter, according to Savills. This growth represents the second consecutive quarter of positive momentum. Comparatively, the cumulative investment sales from the first to the third quarter of 2024 totaled $18.85 billion, a significant 32.6% increase from the $14.21 billion recorded during the same period in the previous year. Private transactions dominated this quarter, contributing 70.9% to the total investment value. In contrast, the remaining 29.1% came from five state sites sold through the Government Land Sales (GLS) Programme, which experienced a decline of 25.9% quarter-on-quarter, totaling $2.3 billion.

The Singaporean government has halted Allianz's proposed takeover of Income Insurance, citing potential threats to the insurer's social objectives. A significant concern was Income Insurance's plan for a considerable reduction in capital shortly after the acquisition. This plan contradicted its earlier commitment to bolster its capital foundation, as well as the government's previous allowance for Income to transfer around $2.61b (S$2b) to its new corporate entity. Minister for Culture, Community, and Youth, Edwin Tong, stated in parliament that the deal's current structure failed to serve the public interest. The government's decision came after a review initiated by public worries regarding Income's dedication to its social mission post-acquisition.