SG Morning Highlights | Singtel Associate Intouch to Merge with Gulf Energy, Form New Public Entity NewCo

Advancers / Decliners is 108 to 46, with 95.10 million securities worth S$127.64 million changing hands.

Singapore needs to diversify its renewable energy sources to meet its net-zero goals and improve energy security, according to Ember, an independent global energy think tank. Singapore currently only has 0.2 GW of low-carbon imports, but Wood Mackenzie noted that with the Energy Market Authority's approval of 4.2 GW of projects, Singapore is still on track to have low-carbon electricity makeup 30% of its supply by 2035. Ember said that Singapore must increase its ambitions for renewable energy imports to meet the International Energy Agency's net-zero power sector emissions milestones and reduce its per capita power sector emissions. To achieve the IEA NZE milestones, Singapore will need 8.1 GW of renewable electricity import capacity by 2035 and 16 GW by 2045. Among its neighbouring countries, Malaysia would be the cheapest to import from, according to Wood Mackenzie.

Singapore's stock market has recorded $400m in net institutional inflows during the 1-15 July period, according to the Singapore Exchange. The inflows reversed more than a third of the net institutional outflows recorded in the first half of the year and contributed to the 5% rally in the STI during the same period. DBS recorded the largest net institutional inflows among the STI constituents at $28m, while ARA US Hospitality Trust led the inflows for non-STI stocks at $46.1m. The SGX attributed the investment rush to the brighter outlook on the US's economic recovery.

Singapore's non-oil domestic exports (NODX) declined by 8.7% YoY in June, according to data from Enterprise Singapore. The drop was due to fluctuations in the shipments of volatile products such as non-monetary gold and electronics. Electronic exports fell by 9.5% YoY, attributed to telecommunications equipment, disk media products, and integrated circuits. Non-electronic shipments slid by 8.5% YoY, largely due to a 51.1% drop in exports of non-monetary gold, equivalent to a value of about SGD600m ($444m). NODX to Singapore's top markets as a whole declined in June, with the exception of Thailand, Malaysia, Indonesia, and the eurozone.