Morning Wrap | UOB Asset Management Sale Could Unlock Value

Key Takeaways:

• Singapore Shares Opened Higher on Tuesday

• Nasdaq, S&P 500 Rebound From Friday's Rout as Tech Stocks Recover

• Singapore Hiring Sentiment Falls to Lowest Since Late 2021

• Stocks to Watch: UOB, OCBC, etc.

📌 Market Snapshot

Today's Volume / Value: 18.87M / S$46.80M

Advancers / Decliners: 75 / 41

🇺🇸 Wall Street Summary

Nasdaq, S&P 500 Rebound From Friday's Rout as Tech Stocks Recover

The $Nasdaq Composite Index (.IXIC.US)$ and $S&P 500 Index (.SPX.US)$ partly rebounded Monday from last Friday's sharp sell-off. The tech-heavy $Nasdaq Composite Index (.IXIC.US)$ rose 220.23 points (0.9%) to close at 25,929.66, while the $S&P 500 Index (.SPX.US)$ gained 21.99 points (0.3%) to 7,405.73. However, the $Dow Jones Industrial Average (.DJI.US)$ bucked the trend, slipping 80.77 points (0.2%) to 50,786.01.

The recovery was driven by a significant rebound in Big Tech names that had suffered double-digit losses on Friday. Leading the charge were $Intel (INTC.US)$ (up 11.2%), $Applied Optoelectronics (AAOI.US)$ (11.1%), $Micron Technology (MU.US)$ (9.9%), and $IREN Ltd (IREN.US)$ (8.9%). $Marvell Technology (MRVL.US)$ also surged after being announced as a new addition to the S&P 500 index.

🇸🇬 Breaking News

Singapore Hiring Sentiment Falls to Lowest Since Late 2021

Singapore's hiring outlook dropped to +13% in Q3 2026, its lowest since Q4 2021 and well below the Asia Pacific (+28%) and global (+26%) averages, according to ManpowerGroup. While 41% of employers plan to hold headcount steady amid geopolitical uncertainty, firms remain willing to pay premiums for AI literacy (66%) and AI development skills (64%), reflecting a deliberate shift toward skills-based hiring for long-term competitiveness.

UOB Kay Hian, DBS See Recovery Potential in Singapore REITs

UOB Kay Hian and DBS remained constructive on S-REITs, citing stable cash flows, attractive yields, and easing interest costs. UOB maintained its overweight call after 11 of 17 large-cap S-REITs met 1Q26 expectations, with strong retail rental reversions and 19% NPI growth from Keppel DC REIT. DBS noted the sector trades at a 6.2% FY26 yield and expects around 3% DPU CAGR over FY26-FY27.

🔔 Stocks to Watch

$UOB (U11.SG)$'s potential sale of its asset management business could unlock value as the unit may command a higher valuation under a global operator like AllianzGI, according to Morningstar. The bank is expected to reinvest proceeds into advisory capabilities and relationship manager hiring to support its goal of doubling wealth income by 2030.

$OCBC Bank (O39.SG)$ will allow eligible institutional and private banking clients to buy, sell, and custodise physical gold through a Singapore-based vault from 10 June 2026, offering 400-troy-ounce bars and serial-numbered 1kg kilobars with individual allocation. The launch responds to growing client demand for locally held bullion amid geopolitical tensions, with gold bar demand up 50% year-on-year in Q1 2026 and Bank of Singapore's physical gold holdings rising over 40% since end-2025.

$CONCORD NE (SEG.SG)$ reported total attributable power generation of 733.77 GWh for May 2026, down 5.43% year-on-year, with wind output falling 3.4% to 646.49 GWh and solar dropping 18.15% to 87.28 GWh. For the first five months, total output declined 4.28% to 3,930.92 GWh, extending a downward trend after April's 5.28% year-on-year decline.

$AsiaPhos (5WV.SG)$ has signed a non-binding term sheet to acquire 51% of DC Alliance Pte. Ltd. for S$6.96m, gaining exposure to the data centre sector through DC Alliance's Tier III-certified facility in Western Australia. The deal includes a proposed lease for up to 1MW of IT load with expansion options and a right of first refusal over Phase 2 capacity.

$Wee Hur (E3B.SG)$ has entered Hong Kong's purpose-built student accommodation market with Starvia by Y Suites, a 19-storey, 246-bed development in Fortress Hill operated through a joint venture between its hospitality arm and Starvia Holdings. The fully furnished property offers studio and shared bedroom configurations, with leasing expected to begin in the second half of 2026.

🧾 Share Buy Back Transactions

Source: Business Times, SGinvestors.io, Business Review

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