SG Morning Highlights | Singapore's Updated P2P Policy Bodes Well for Taxi Operators
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened higher on Thursday; STI up 0.10%
●Core inflation expected to decline to 2% by early 2025 based on current MAS policy setting
●Singapore's updated P2P policy bodes well for taxi operators
●Stocks to watch: Great Eastern, Wing Tai
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened higher on Thursday. The $FTSE Singapore Straits Time Index(.STI.SG$ rose 0.10 percent to 3,139.41 as at 9.06 am.
Advancers / Decliners is 77 to 38, with 43.44 million securities worth S$47.23 million changing hands.
Breaking News
Core inflation expected to decline to 2% by early 2025 based on current MAS policy setting
The Monetary Authority of Singapore (MAS) expects core inflation to decline to 2% by early 2025 based on its current policy setting, according to MAS chief economist Edward Robinson. This forecast is based on the absence of any significant exogenous shocks that have caused the current state of global inflation. Singapore's use of the exchange rate as its monetary policy instrument has allowed the central bank to alter domestic monetary conditions independently of other major central banks. MAS' progressive tightening of monetary conditions has already facilitated a gradual decline in inflation and arrested the momentum of price increases. MAS Core Inflation is expected to continue moderating over the course of this year, after coming in at 4.2% for 2023.
Singapore's updated P2P policy bodes well for taxi operators
Singapore's Land Transport Authority (LTA) has announced new regulatory and inspection protocols for taxi operators, which would cut operating costs and improve services. The statutory lifespan of diesel, petrol, and hybrid taxis will be increased to 10 years from the current eight years. This move is expected to help taxi operators recover the cost of vehicles over a longer period, lowering taxi rentals and bringing them to par with private hire cars. The policy update is seen as a positive change for the taxi industry and is expected to benefit ComfortDelGro, the largest taxi operator in Singapore.
Stocks to Watch
$Great Eastern(G07.SG$: Great Eastern Holdings has said that a minority shareholder's request to table resolutions at its upcoming AGM "does not satisfy all of the requirements" for a requisition to be moved. The group of minority shareholders, led by independent investor Ong Chin Woo, had sought to table three resolutions at the AGM, including to appoint an independent financial adviser to explore options to enhance shareholders' value. Great Eastern said its share price depends on "many factors" and addressed criticisms that the counter had not kept pace with the increase in its net asset value and embedded value.
$Wing Tai(W05.SG$: Wing Tai Holdings has established a $1 billion multicurrency debt issuance programme, which may include perpetual securities and notes denominated in Singapore dollars or any other currency, at fixed, floating, variable or hybrid interest rates. The property developer and fashion retailer plans to use the net proceeds for general working capital and investments, as well as refinancing existing borrowings. The debt issuance programme has obtained in-principle approval from the Singapore Exchange, with HSBC as the arranger and dealer of the facility.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io
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