SG Morning Highlights | Singapore Retail Sales Up 1.1% in July
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened higher on Wednesday; STI up 0.45%
●Singapore retail sales up 1.1% in July
●Household net worth grows further in Q2, rising 8.9% as liabilities fall
●Singapore proposes new standard for businesses to disclose intangible assets
●Stocks to watch: Singtel, GSH
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened higher on Wednesday. The $富时新加坡海峡指数 (.STI.SG)$ rose 0.45 per cent to 3,241.36 as at 9.03 am.
Advancers / Decliners is 57 to 50, with 39.38 million securities worth S$57.73 million changing hands.
Breaking News
Singapore retail sales up 1.1% in July
Singapore's retail sales grew for the sixth straight month in July, rising 1.1 per cent on year and picking up slightly from the revised 1 per cent growth recorded in June, Department of Statistics (Singstat) data showed on Tuesday (Sep 5). The month's growth was supported by tourist arrivals, economists said. Though lower than the median 2.1 per cent rise expected by private-sector economists polled by Bloomberg, economists still expect tourism improvements to support retail sales in the coming months. On a month-on-month seasonally adjusted basis, retail sales rose 0.6 per cent, reversing from the 0.8 per cent contraction charted in June.
Household net worth grows further in Q2, rising 8.9% as liabilities fall
Singapore households' net worth continued to grow in the second quarter of 2023, despite a slowing housing market weighing on residential asset values. This came as household debt dipped further, with mortgage loan value falling off amid the current higher interest rate environment. According to data from the Singapore Department of Statistics, household net worth – that is, assets less liabilities – rose 8.9 per cent year on year to S$2.7 trillion at the end of Q2 2023. This outpaced the increase in Q2 2022, which came in at 7.5 per cent. In Q1 2023, the figure was 8.2 per cent.
Singapore proposes new standard for businesses to disclose intangible assets
The Intellectual Property Office of Singapore (IPOS) and the Accounting and Corporate Regulatory Authority (ACRA) have introduced a new framework known as the Intangibles Disclosure Framework (IDF). This framework is among the first of its kind globally and aims to enhance the disclosure and communication of the value of intangible assets (IA), including brand value, patents, and registered designs. Enterprises are encouraged to disclose IA beyond what is typically recognised under accounting standards, such as human capital and internally generated intangibles.
Stocks to Watch
$新电信 (Z74.SG)$ : GX Bank Berhad (GXBank) on Tuesday announced that it is the first of the five digital bank licence applicants to obtain approval to commence operations in Malaysia. GXBank is a subsidiary of GXS Bank – the digital bank joint venture between Grab and Singapore Telecommunications (Singtel), as well as a consortium of Malaysian investors including Kuok Group. The bank is looking to leverage technology and innovation to serve the needs of unserved and underserved individuals, as well as micro and small, medium enterprises.
$群策环球控股 (BDX.SG)$ : Property developer GSH Corporation on Tuesday (Sep 5) announced that the sale of nine strata office units in Raffles Place for a total consideration of S$38.8 million has been terminated. In a bourse filing, GSH's solicitors said they received a notice from the purchaser's solicitors stating that the purchaser would not be able to complete the transaction. GSH has, as a result, agreed to terminate the sale and purchase agreement after “due deliberation”. It will also recognise an amount of S$3.88 million – the 10 per cent deposit of the deal amount – as “full compensation” and in “full and final settlement” for the termination of the agreement.
Latest Share Buy Back Transactions
Source：Business Times, SG investors
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