SG Morning Highlights | Singapore Headline Inflation Ticks Up in April, Core Remains Flat
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened lower on Wednesday; STI down 0.31%
●Singapore headline inflation ticks up in April, core remains flat
●Stocks to watch: Japan Foods, Manulife US Reit
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened lower on Wednesday. The $FTSE Singapore Straits Time Index(.STI.SG$ lost 0.31 per cent to 3,208.24 as at 9.18 am.
Advancers / Decliners is 89 to 90, with 142.87 million securities worth S$110.07 million changing hands.
Breaking News
Singapore's headline inflation rebounded to 5.7 per cent year on year (yoy) in April, after March's step down to 5.5 per cent, while core inflation was unchanged at 5 per cent, data from the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI) showed on Tuesday (May 23).
Both measures were higher than economists' forecasts, but market watchers said that the upside surprise is not enough for MAS to change its monetary policy settings in October.
Headline inflation in April was moderately higher than the median 5.5 per cent forecast by private-sector economists in a Bloomberg poll, as higher inflation was recorded for services and private transport.
Singapore investors will soon be able to buy direct exposure to three of Thailand's largest listed companies, through newly launched Singapore depository receipts (SDRs).
The Singapore Exchange (SGX) announced on Tuesday (May 23) that it will launch three SDRs under a Thailand-Singapore DR Linkage on May 30. The three Thai stocks are airport operator Airports of Thailand, food retailer CP All and energy play PTT Exploration & Production (PTT E&P).
All are constituents of the benchmark SET50 Index. Airports of Thailand has a weightage of 8 per cent of the SET50, while CP All and PTT E&P each have a weightage of 5 per cent.
Stocks to Watch
$ManulifeReit USD(BTOU.SG$: Manulife US Real Estate Investment Trust (Manulife US Reit): A letter of intent was inked to divest Phipps Tower in Atlanta, Georgia, as part of the Reit’s ongoing stategic review. On Wednesday, its manager also said it is considering proposals from other prospective partners for the potential sale, as the exclusivity period with Mirae Asset Global Investments has lapsed. Units of Manulife US Reit closed on Tuesday US$0.034 or 24.1 per cent higher at US$0.175.
$Japan Foods(5OI.SG$: Japan Foods The company, which operates restaurants such as Ajisen Ramen and Tokyo Shokudo, posted a 63.3 per cent drop in net profit to S$1.8 million for its second half ended Mar 31, 2023, from S$4.9 million in the previous corresponding period. For the full year, net profit for the Catalist-listed company was up 27.7 per cent at S$4.1 million, while revenue jumped 43.8 per cent to S$78.5 million. A final dividend of S$0.01 per share was proposed for the year, down from S$0.0135 the year before. Shares of Japan Foods closed flat at S$0.435 on Tuesday, before the results were announced.
$Mercurius(5RF.SG$: Mercurius Capital Investment has requested a trading halt on Wednesday morning, pending an announcement. The company’s shares closed flat at S$0.02 on Tuesday.
Latest Share Buy Back Transactions
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