SG Morning Call | STI Opens 0.26% Higher; Kep Infra Tr Gains Nearly 1%, While UOL, DBS, And OCBC See Modest Rises
Market Snapshot
Singapore stocks opened higher on Thursday. STI rose 0.26%; AEM SGD drops over 4%, UMS falls more than 3%, and Singtel edges lower; Kep Infra Tr gains nearly 1%, while UOL, DBS, and OCBC see modest rises.
Stocks in Focus
$City Developments Ltd(C09.SI)$ (CDL): A tie-up between City Developments Ltd (CDL) and Hong Realty on Thursday has placed the top bid of S$542.4 million for a 99-year leasehold private housing site in Peck Hay Road, a short walk from Newton MRT interchange station. The top bid works out to S$1,865.15 per square foot per plot ratio. The 80:20 joint venture between CDL and Hong Realty plans to develop a 39-storey residential tower with about 380 units. Shares of CDL on Thursday ended at S$8.23, S$0.04 or 0.5 per cent lower.
$Singapore Kitchen Equipment(5WG.SI)$: The company responded to Singapore Exchange queries on Thursday, stating that the charges against its CEO and senior manager stem from an alleged conspiracy to mislead auditors and falsify 102 payment vouchers related to a S$742,000 bonus payment. Its board has decided to retain both executives pending the outcome of the Commercial Affairs Department investigation. Singapore Kitchen Equipment shares last closed at S$0.059 before the counter was suspended in August 2021.
SG Local News
PM Wong to visit Timor-Leste in a first for a Singapore prime minister
Prime Minister Lawrence Wong will make an official visit to Timor-Leste from Thursday (Jul 2) to Friday. It will be his inaugural trip there and the first visit by a Singapore head of government to the nation.
His visit reciprocates Timor-Leste Prime Minister Xanana Gusmao’s official four-day trip to the city-state in July 2025, the Singapore Prime Minister’s Office (PMO) said in a statement on Wednesday.
President Jose Ramos-Horta was in Singapore in May for the Shangri-La Dialogue, at which he delivered the special address.
SGX to roll out post-trade custody model, changes to bid mechanics in July, cut board lots in October
The Singapore Exchange (SGX) will allow depository agents to hold SGX-listed securities on behalf of clients in omnibus broker custody accounts from Jul 15, the bourse announced on Wednesday (Jul 1).
The adoption of broker custody accounts “continues to rise”, SGX noted.
It added that there were six such accounts opened for every direct account opened with the Central Depository (CDP) from October 2024 to April 2026.
“Stressed”: Singapore businesses rattled by higher electricity and gas prices
acky Wong, the third-generation owner of zi char institution Kok Sen, has been watching the increase in electricity and town gas tariffs with worry.
“I read the news. I am stressed,” he told The Straits Times, referring to escalating operational costs for his restaurants at City Square Mall and in Keong Saik Road. “I foresee that many businesses will be affected.”
Wong had already begun passing on to customers price increases that had hit his business since the Iran war broke out in February.
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