SG Morning Highlights | South Korea's KakaoBank joins Singtel, Grab to back Superbank
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened higher on Tuesday; STI up 0.94%
●SG's outbound investment drops 36.4% QoQ in 3Q23
●Property investment market activity to remain muted for the rest of 2023
●Stocks to watch: Singtel, Keppel Reit, Oxley, Trendlines Group
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened higher on Tuesday. The $FTSE Singapore Straits Time Index (.STI.SG)$ rose 0.94 per cent to 3,196.39 as at 9.22 am.
Advancers / Decliners is 145 to 56, with 122.29 million securities worth S$146.22 million changing hands.
Breaking News
SG's outbound investment drops 36.4% QoQ in 3Q23
Singapore's outbound investment fell to $2.7b in 3Q23, data from Real Capital Analytics showed. The 3Q23 figure translates to a 36.4% QoQ and 63% YoY drop. In a report, Knight Frank attributed the decline to muted sentiment due to “escalating borrowing costs negating positive carry from property income streams, ongoing geopolitical tensions, and market uncertainties.”
Property investment market activity to remain muted for the rest of 2023
Despite an uptick in total investment sales in 3Q23, property experts believe the capital markets space will see muted activity for the rest of the year. Knight Frank expects total investment sales for 2023 to reach around $18b-$20b.“Given the tentative pace of investment activity and prevailing challenges in the Singapore property market, a continued slowdown will likely feature in the remainder of 2023,” Knight Frank said.
Stocks to Watch
$Singtel (Z74.SG)$ : South Korea's KakaoBank is joining Grab, Singtel and Emtek Group to invest in Superbank by acquiring a 10 per cent stake in the upcoming digital bank through the issuance of new shares. The move comes ahead of Superbank's planned launch of its app to the public this year.
$Keppel Reit (K71U.SG)$ : US Credit rating agency Equifax is now the anchor tenant for Keppel real estate investment trust’s (Reit) new Blue & William office development located in North Sydney, its manager said on Tuesday (Oct 10). Equifax occupies more than 4,350 square metres across the fifth and seventh levels of the property, which is a third of the building’s net lettable area. It moved from two separate offices in the North Sydney area.
$Oxley (5UX.SG)$ : Property developer Oxley is selling an office tower at Oxley Towers KLCC in Kuala Lumpur for approximately RM406 million (S$118 million) to Alliance Bank Malaysia. The transaction includes its Grade A office tower and four adjoining parcels of retail units, Oxley said in a bourse filing on Monday (Oct 9).
$Trendlines (42T.SG)$ : Israel- and Singapore-based startup incubator Trendlines Group does not anticipate “significant impact” on its operations arising from the armed conflict between Israel and Hamas; “limited impact” is expected on some of its portfolio companies’ operations, the Catalist-listed company said in a bourse filing on Monday (Oct 9). The company, which has its office in Misgav Business Park in northern Israel, said its operations are “well distant” from the military activities in the south.
Latest Share Buy Back Transactions
Source：Business Times, SG investors
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