SG Morning Highlights: Singapore's visitor arrivals at new high in September, but tourism recovery is slowing
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened flat on Wednesday; STI down 0.06%
●New Covid-19 cases in Singapore more than double from previous day, but severe cases remain low
●Stocks and REITs to watch: Q&M Dental, Trek 2000
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened flat on Wednesday. The $FTSE Singapore Straits Time Index(.STI.SG$ decreased 0.06 per cent to 3,103.28 as at 9.12am.
Advancers / Decliners is 65 to 61, with 126.93 million securities worth S$85.60 million changing hands.
Breaking News
Singapore's visitor arrivals at new high in September, but tourism recovery is slowing
The momentum of international visitor arrivals in Singapore appears to have slowed down in recent months, but analysts believe the city-state is on track to receive some 6 million visitors this year, within the upper band of the official forecast.
There were 11,732 new Covid-19 infections on Tuesday (Oct 11), more than doubling from the 4,719 new local cases the day before.
The spike, while largely driven by the XBB variant, is seeing low severe cases, said the Ministry of Health (MOH).
MOH is also initiating Pofma action against rumours circulating via WhatsApp that Singapore is having a rapid and large increase in cases with severe illness and deaths due to the circulating XBB strain.
Central banks should "act resolutely to bring inflation back to target" after figures hit multi-decade highs, the IMF said Tuesday (Oct 11), pointing to an unusually challenging financial stability environment.
The comments by the Washington-based crisis lender in its latest Global Financial Stability Report come as its annual meetings start this week, fully in-person for the first time since 2019.
The meetings open in a challenging period for the global economy, as surging prices and rising interest rates threaten to reverberate around the globe while countries emerge from the coronavirus pandemic.
The Philippines posted a trade deficit of US$6 billion for August, its biggest monthly gap on record, as the value of imports sustained a double-digit pace of growth, while exports contracted, government data showed on Tuesday (Oct 11).
Imports rose 26 per cent from a year earlier to US$12.4 billion, while exports fell for the second straight month, by 2 per cent to US$6.4 billion, the Philippine Statistics Authority said.
Ahead of the release of the data, ING senior economist Nicholas Mapa said that the trade deficit was likely to test historic lows and "put pressure on the Philippine peso in the near term".
Stocks to Watch
$Q&M Dental(QC7.SG$ : Medical technology company Acumen Diagnostics announced on Tuesday (Oct 11) that it has won the Ministry of Health's (MOH) tender to operate one of the sites allocated for Joint Testing and Vaccination Centres (JTVCs).
The company, which is 51 per cent owned by Q&M Dental Group (Singapore) and 49 per cent owned by Aoxin Q&M Dental Group, bagged a 15-month contract to operate the JTVC from Oct 1, 2022 to Dec 31, 2023.
Actual operations will start from Nov 21, with the contract estimated to be worth at least S$3.6 million, the company said.
$Trek 2000 Intl - watch list(5AB.SG$ : Trek 2000 International's founder Henn Tan was sentenced to 16 months' imprisonment on Tuesday (Oct 11) for engaging in conspiracies to falsify accounts, forge documents and deceive external auditors of the firm that developed the ubiquitous thumb drive.
The 66-year-old former chief executive of mainboard-listed Trek 2000 has been in remand since June, and this period will count towards his jail term.
Latest Share Buy Back Transactions
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