Morning Wrap | Ley Choon Forms JV with Australian Tunnelling Specialist

Key Takeaways:

• Singapore Shares Opened Lower on Thursday

• Wall Street Tumbles as U.S.-Iran Tensions and Tech Selloff Rattle Market

• Elevated US Yields and Wealth Boom to Boost Singapore Banks in FY2027

• Stocks to Watch: Ley Choon Group Holdings, SingPost, etc.

📌 Market Snapshot

Today's Volume / Value: 34.57M / S$73.37M

Advancers / Decliners: 27 / 105

🇺🇸 Wall Street Summary

Wall Street Tumbles as U.S.-Iran Tensions and Tech Selloff Rattle Market

All three major U.S. indexes plunged more than 1.5% Wednesday as escalating U.S.-Iran conflict fears combined with a broad tech selloff to rattle investors. The $Nasdaq Composite Index (.IXIC.US)$ led losses, sinking 2% to 25,169.50, while the $Dow Jones Industrial Average (.DJI.US)$ shed 1.9% to close at 49,918.78 and the $S&P 500 Index (.SPX.US)$ dropped 1.6% to 7,266.99.

The decline was driven largely by continued weakness in major tech names, with $Advanced Micro Devices (AMD.US)$falling 4.9%, $Micron Technology (MU.US)$ losing 4.7%, $Taiwan Semiconductor (TSM.US)$ slipping 4.5%, $Tesla (TSLA.US)$ dropping 3.8%, $NVIDIA (NVDA.US)$ declining 3.7%, and $Nokia Oyj (NOK.US)$ shedding 3.3%.

🇸🇬 Breaking News

Elevated US Yields and Wealth Boom to Boost Singapore Banks in FY2027

Singapore's major banks are set for stronger net interest income growth in FY2027, as elevated US rates allow them to deploy excess capital into higher-yielding assets, according to CGS International. Analysts also expect ROE expansion driven by structural growth in wealth management, resilient deposit inflows, and loan growth re-acceleration of 8% YoY in April.

Non-Mature Estates Continue to Dominate HDB Resale Transactions in May

Non-Mature Estates accounted for 55.1% of HDB resale transactions in May 2026, maintaining their lead over Mature Estates (44.9%) since May 2025, according to 99.co and SRX data. Monthly shares have fluctuated within a narrow range—55%–60.5% for Non-Mature and 39.5%–45% for Mature—with no sustained directional trend. Prices remained broadly stable, with Mature Estates edging up 0.4% MoM and Non-Mature Estates rising 0.2%.

🔔 Stocks to Watch

$Ley Choon (Q0X.SG)$'s wholly owned subsidiary Ley Choon Constructions and Engineering has formed a 51-49 joint venture with Australia-based The Tunnel Company (Aust) Pty Ltd to pursue pipe jacking and trenchless infrastructure projects in Singapore and overseas. The internally funded JV is not expected to materially impact FY2027 earnings.

$SingPost (S08.SG)$ has launched a S$30 million automated parcel sortation facility at its regional e-commerce logistics hub in Tampines, comprising a 3D sorter and an intelligent flexi sorter. The facility was officially opened by Minister for Digital Development and Information Josephine Teo on 9 June.

$Wee Hur (E3B.SG)$ has acquired One Bedford Place, a 26-storey Grade-A commercial building in Kowloon, Hong Kong, which it plans to convert into a 500-bed purpose-built student accommodation, with operations expected to commence in H1 2028.

$First Reit (AW9U.SG)$ has hedged about 95% of the rupiah proceeds from its planned S$364.9 million sale of eight Indonesian hospitals to Siloam, as part of a broader S$471.5 million exit from Indonesia aimed at reducing currency risk and redeploying capital into developed markets. The trust also holds a put option for Siloam to acquire its remaining six hospitals for S$294.8 million.

🧾 Share Buy Back Transactions

Source: Business Times, SGinvestors.io, Business Review, Poems

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