SG Morning Highlights | Singapore GDP Expected to Grow 1% in 2023; Q3 Growth at 1.1%
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened higher on Wednesday; STI up 0.23%
●Singapore GDP expected to grow 1% in 2023; Q3 growth at 1.1%
●Singapore downgrades 2023 export forecasts; projects NODX growth of 2% to 4% for 2024
●Singapore's tourist arrivals extend decline, dip to 1.13 million in October
●Stocks to watch: China Everbright Water, BRC Asia, USP Group
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened higher on Wednesday. The $FTSE Singapore Straits Time Index(.STI.SG$ rose 0.23 per cent to 3,103.49 as at 9.12 am.
Advancers / Decliners is 80 to 86, with 61.35 million securities worth S$79.40 million changing hands.
Breaking News
Singapore GDP expected to grow 1% in 2023; Q3 growth at 1.1%
Singapore's full-year economic growth is expected to come in at around 1 per cent, the Ministry of Trade and Industry (MTI) said on Wednesday (Nov 22) morning. The growth outlook hits the midpoint of the gross domestic product (GDP) forecast range that MTI had earlier expected. GDP is expected to grow 1 per cent to 3 per cent next year. Sequentially, the economy grew 1.4 per cent in Q3, improving from the previous quarter's 0.1 per cent quarter-on-quiarter growth. All sectors other than the manufacturing sector registered growth in Q3. In the third quarter of this year, the economy expanded by 1.1 per cent year on year, faster than the 0.5 per cent clocked in Q2.
Singapore downgrades 2023 export forecasts; projects NODX growth of 2% to 4% for 2024
Singapore has downgraded its 2023 full-year forecasts for non-oil domestic exports (NODX) and total merchandise trade, amid weaker-than-expected performance in the first three quarters, mainly due to oil and electronics. NODX is now expected to shrink by 12 per cent to 12.5 per cent year on year in 2023, compared with August's forecast of a 9 per cent to 10 per cent contraction, Enterprise Singapore (EnterpriseSG) said in its quarterly review of trade performance on Wednesday (Nov 22). Total merchandise trade is projected to shrink by around 10 per cent year on year in 2023, narrowed from August's forecast of a 9 per cent to 10 per cent contraction.
Singapore's tourist arrivals extend decline, dip to 1.13 million in October
Singapore's international visitor arrivals slipped for the third consecutive month to 1,125,948 in October, based on the latest figures from the Singapore Tourism Board (STB). This was a nudge lower than the 1,130,757 visitors posted in September – but still 37.8 per cent higher than the 816,833 visitors recorded in October 2022. Tourism arrival patterns this year have reflected seasonal trends – a boost in July and August from inbound Chinese arrivals, followed by a tapering in September and October. Such patterns were also observed pre-pandemic, noted DBS analyst Geraldine Wong.
Stocks to Watch
$China Everbright(U9E.SG$: Hong Kong and Singapore dual-listed environmental services group China Everbright Water will develop a project in China's Guangdong province to treat agricultural waste and turn it into biogas and organic fertiliser. In a statement on Tuesday (Nov 21), Everbright Water announced that a consortium formed by its subsidiary Tianjian Hanquan Environment Technology (Tianjin Hanquan) and the Jiangxi Zhenghe Ecological Agriculture Company (Jiangxi Zhenghe) has secured the Guangdong Nanxiong Livestock and Poultry Manure Resource Utilisation Project. The project will require an estimated total investment of 50 million yuan (S$9.5 million).
$BRC Asia(BEC.SG$: Steel solutions provider BRC Asia posted a 2 per cent fall in net profit to S$49.5 million for its second half ended Sep 30, 2023, from S$50.4 million in the same period a year earlier. The company saw a weaker performance in FY2023 compared with record results in FY2022. But it had been on a steady recovery path over the last six months, with gradually normalising activity levels of local construction projects, BRC Asia said on Tuesday (Nov 21). Earnings per share stood at 18.05 Singapore cents for the half-year period, down from 18.36 cents the previous year.
$USP Group - watch list(BRS.SG$: A creditor of watch-listed USP Group has filed a winding-up application against the company. Anne Lee King filed the application over the reimbursement of legal fees, as part of a Deed of Indemnity that the company had provided to Lee with the sum of S$95,487.64. The application will be heard in the High Court on Dec 8, USP Group said in a bourse filing on Tuesday (Nov 21).
Share Buy Back Transactions
Source: Business Times, SG investors
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