SG Morning Call｜Singapore Stocks Opened Lower; Nio Down 4%; Keppel, Singtel, Seatrium And YZJ Shipbldg Down 2%; SIA, DBS And UOB Down 1%

Market Snapshot

Singapore stocks opened lower on Thursday. STI down 1.3%; Nio down 4%; Keppel, Singtel, Seatrium and YZJ Shipbldg down 2%; SIA, DBS and UOB down 1%.

Stocks in Focus

Keppel : An individual who attempted to claim ownership of land in Jakarta owned by the group’s subsidiary Kepland Investama is appealing the Indonesian court’s dismissal of his 2.28 trillion rupiah (S$186.3 million) claim in February. Keppel on Wednesday said it does not expect the appeal to have a material impact on its operations and the overall financial performance. The counter closed 3.7 per cent or S$0.45 higher at S$12.76 before the news.

Wing Tai : Its wholly owned subsidiary bought a freehold land parcel in Kuala Lumpur for RM45 million (S$14.7 million). The 11,092 square metre site near the Mont Kiara area will be developed into a residential project, the real estate group said on Wednesday. Wing Tai shares closed 1.2 per cent or S$0.02 higher at S$1.65 before the news.

Cosco Shipping International (Singapore) : Construction on the second phase of Jurong Island Logistics Hub has continued into March 2026, with structural works for the third and fourth floors under way, said the mainboard-listed shipping and logistics company on Wednesday. Other works such as the building of an external driveway and installation of internal drainage systems are also ongoing. Shares of Cosco Shipping ended Wednesday at S$0.117, up 2.6 per cent or S$0.003.

Manulife US Real Estate Investment Trust : (Manulife US Reit): Its distributable income for the second half ended Dec 31 fell 31.1 per cent year on year to US$10.6 million, translating to a lower distributable income per unit of US$0.006. No distribution was declared for H2 FY2025, with distributions having been suspended since 2023. The declines came amid a fall in net property income and interest income, which were partly offset by lower finance expenses and base fees, said the manager on Wednesday. Units of Manulife US Reit closed 1.6 per cent or US$0.001 lower at US$0.06 before the results were released.

Ley Choon : The utilities construction and road works company will transfer its listing on the Catalist board to the mainboard on Mar 23. This comes after it announced the passing of the resolution for the proposed transfer at its extraordinary general meeting on Wednesday. The counter closed 3.9 per cent or S$0.004 higher at S$0.108 before the news.

Hotel Properties Limited : (HPL): The real estate player priced S$150 million in perpetual securities at 4.38 per cent. Issued under a S$2 billion multicurrency debt issuance programme, the securities have no fixed maturity and are callable from Mar 25, 2031, with subsequent resets to occur every five years thereafter. Shares of HPL closed 0.4 per cent or S$0.02 higher at S$4.70 on Wednesday.

SG Local News

World facing 'long storm' of instability, says Tharman after approving Budget 2026

Amid a war in the Middle East that has strained global markets, President Tharman Shanmugaratnam warned of a "long storm" of instability as he approved the government’s spending plans for the coming financial year.

In a Facebook post on Wednesday (Mar 18), Mr Tharman highlighted the “major new stress point in the global economy” as the Strait of Hormuz remained closed in the third week of the conflict.

Singapore and Japan upgrade ties to Strategic Partnership, expand cooperation in five areas

Singapore and Japan announced on Wednesday (Mar 18) the upgrading of bilateral ties to a Strategic Partnership, with expanded cooperation across five areas.

The upgrade in ties was announced by Singapore Prime Minister Lawrence Wong and Japan Prime Minister Sanae Takaichi.