SG Morning Highlights | Singapore's Private Sector Sees Fastest Expansion in 20 Months on Strong New Business Growth

Moomoo News SG wrote a column · Jul 5, 2024 09:16

SG Morning Highlights | Singapore's Private Sector Sees Fastest Expansion in 20 Months on Strong New Business Growth

Good morning mooers! Here are things you need to know about today's Singapore markets:

●Singapore shares opened lower on Friday; STI down 0.11%

●Singapore's Private Sector Sees Fastest Expansion in 20 Months on Strong New Business Growth

●Singapore Boosts EV Adoption with Incentives and Infrastructure Expansion

●Stocks to watch: IReit Global, Centurion

●Latest share buy back transactions

-moomoo News SG

Market Snapshot

Singapore shares opened lower on Friday. The $FTSE Singapore Straits Time Index (.STI.SG)$ dropped 0.11 percent to 3435.93 as at 9:15 am.

Advancers / Decliners is 78 to 61, with 103.27 million securities worth S$92.61 million changing hands.

Breaking News

Singapore's Private Sector Sees Fastest Expansion in 20 Months on Strong New Business Growth

According to a report by S&P Global Singapore Purchasing Manager's Index, Singapore's private sector expanded at its fastest rate in 20 months in June, with the seasonally adjusted index rising to 55.2 from 54.2 in May. Business activity saw its fastest growth since October 2022, with real estate and business service sectors reporting the most significant gains in new business and activity. Singaporean firms also ramped up recruitment at the quickest pace in three months to keep up with the inflow of new work. The private sector is expected to continue expanding for the rest of the year, with business activity growth likely to be sustained into the second half of the year.

Singapore Boosts EV Adoption with Incentives and Infrastructure Expansion

The Singaporean government is offering strong financial incentives and infrastructure expansions to boost electric vehicle (EV) adoption, according to Transport Minister Chee Hong Tat. Motorists can now benefit from the Electric Vehicle Early Adoption Incentive and Enhanced Vehicular Emissions Scheme, with reductions in upfront costs for EV purchases of up to SGD40,000 ($29,500) this year. The EV Common Charger Grant has co-funded over 1,100 EV chargers at non-landed private residences. Over 7,100 EV charging points are available in Singapore, with more than a third of Housing and Development Board carparks equipped with charging facilities.

Stocks to Watch

$IREIT Global EUR (8U7U.SG)$: Singapore-based real estate investment trust (REIT) IReit Global has confirmed that its top tenant, Deutsche Rentenversicherung Bund, will not be extending its lease at the Berlin Campus, which is set to expire on December 31, 2024. The tenant's lease currently contributes around 20% of IReit Global's total gross income. Following the tenant's decision not to renew, the REIT manager plans to convert the Berlin Campus into a mixed-use urban precinct after the tenant vacates the premises, designed to offer maximum flexibility in terms of use types to cater to a range of tenant requirements.

$Centurion (OU8.SG)$: Centurion Corporation's subsidiary, Centurion-Lionrock (HK) Ltd, has entered into a lease agreement with Abercorn Investments to lease all 50 residential flats at Cheung Chi Hang Building in Shek Wu Hui, New Territories, Hong Kong. The building will be renovated and turned into an accommodation with a total capacity of 550 beds primarily to house workers. The property is located in the middle of the Sheung Shui neighbourhood and the renovation is expected to be completed by October this year. Centurion-Lionrock will operate the property under Centurion's Westlite workers accommodation brand and management platform.

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