SG Morning Highlights | Singapore Narrowly Avoids Technical Recession in Q2 as GDP Grows 0.7% YoY
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened higher on Friday; STI up 0.58%
●Singapore narrowly avoids technical recession in Q2 as GDP grows 0.7% year on year, 0.3% quarterly
●Stocks to watch: HPL, IReit Global
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened higher on Friday. The $FTSE Singapore Straits Time Index(.STI.SG$ gained 0.58 per cent to 3,257.21 as at 9.17 am.
Advancers / Decliners is 141 to 41, with 277.14 million securities worth S$184.52 million changing hands.
Breaking News
Singapore's economy grew 0.7 per cent year on year in the second quarter of 2023, dragged by a deeper downturn in the manufacturing sector, advance estimates from the Ministry of Trade and Industry (MTI) showed on Friday (Jul 14).
This was a slight improvement from Q1's 0.4 per cent year-on-year growth and exceeded the expectations of private-sector economists. Analysts polled by Reuters predicted a 0.6 per cent expansion, while those surveyed by Bloomberg were bracing for a 0.2 per cent contraction.
On a seasonally adjusted quarterly basis, gross domestic product grew 0.3 per cent – reversing from the previous quarter's 0.4 per cent fall – and helped Singapore avert a technical recession, defined as two straight quarters of quarterly contraction.
Singapore attracted a total of US$685 million in tech investments for the second quarter of 2023, bringing the city-state's total H1 gains to US$1.2 billion.
This makes it the most-funded city in South-east Asia over both quarterly and half-year periods, said data intelligence platform Tracxn in a report released on Thursday (Jul 13).
The city-state's top position bucks regional trends.
Stocks to Watch
$HPL(H15.SG$: Co-founder and managing director of Hotel Properties Limited, Ong Beng Seng, has been asked by the Corrupt Practices Investigation Bureau (CPIB) to provide information on his interactions with Minister for Transport S Iswaran.
The minister is currently on a leave of absence while assisting in CPIB investigations into a case uncovered by the anti-graft agency.
While details of the probe have yet to be revealed, Deputy Prime Minister Lawrence Wong on Wednesday (Jul 12) stated that the government and PAP will not sweep anything under the carpet, even if disclosure is potentially embarrassing or damaging.
$IREIT Global EUR(8U7U.SG$: $IREIT Global SGD(UD1U.SG$ IREIT Global has raised some $75.9 million in gross proceeds from its preferential offering. The offering, which was closed on July 11, was subscribed by 134.7% with valid acceptances and excess applications totalling 250.7 million preferential offering units received.
There were only 186.099 million units available under the offering.
Latest Share Buy Back Transactions
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