SG Morning Highlights | S-REITs Poised for Better Year Ahead with Rate Cuts and Improving Economy
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened lower on Thursday; STI down 0.14%
●S-REITs Poised for Better Year Ahead with Rate Cuts and Improving Economy
●Singapore Launches Sustainable Finance Association to Boost Its Global Role in Sustainable Finance
●Stocks to watch: CapitaLand India Trust
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened lower on Thursday. The $FTSE Singapore Straits Time Index (.STI.SG)$ dropped 0.14 percent to 3,149.06 as at 9.03 am.
Advancers / Decliners is 48 to 67, with 33.89 million securities worth S$36.04 million changing hands.
Breaking News
S-REITs Poised for Better Year Ahead with Rate Cuts and Improving Economy
Singapore-listed REITs are expected to outperform this year, following a challenging 2023, due to improving economic prospects and the Federal Reserve's earlier-than-expected rate cut signals, according to RHB. The bank's equity analyst, Vijay Natarajan, noted that S-REITs focused on office and hospitality assets are well-positioned to capitalize on the improving market conditions and strong economic growth projections for Singapore this year.
Natarajan also expects institutional investors to return to the S-REIT market this year, further boosting the sector's recovery later in the year. RHB maintained an "overweight" rating on S-REITs, with CapitaLand Ascendas REIT, Keppel REIT, AIMS APAC REIT, and CDL Hospitality Trusts as its top picks.
Singapore Launches Sustainable Finance Association to Boost Its Global Role in Sustainable Finance
Singapore's financial regulator has partnered with members of the financial industry to establish the Singapore Sustainable Finance Association (SSFA), the first cross-sectoral industry body to support the development of Singapore as a leading global center for sustainable finance. The SSFA aims to drive the development of Singapore's sustainable finance ecosystem, promote best sustainable finance practices, and facilitate collaboration between financial and non-financial sectors to support the low-carbon transition and sustainable economic growth of Singapore and the region. The establishment of the SSFA, which will begin its work in 2Q2024, marks a pivotal moment in Singapore's sustainable finance journey, according to Gillian Tan, assistant managing director and chief sustainability officer at the Monetary Authority of Singapore.
Stocks to Watch
$CapLand India T (CY6U.SG)$: CapitaLand India Trust (Clint) has set up its first captive solar plant in Tamil Nadu, India, which is expected to increase the trust's green energy usage by over 70%. The 21-megawatt facility has an 8-megawatt expansion potential, bringing its total size to 29 MW. The plant will generate over 30 million kilowatt-hours of electricity annually to meet the power supply needs of two million square feet equivalent of office space, reducing the trust's carbon emissions by more than 17,000 tonnes and lowering the need to purchase power. Sanjeev Dasgupta, CEO of Clint's trustee-manager, said the new solar plant demonstrates the trust's focus on achieving its 2023 sustainability targets.
Share Buy Back Transactions
Source: Business Times, SG investors
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