SG Morning Highlights | Singtel and Viettel Solutions Sign MOU to Develop Vietnam-Singapore Cable System
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened lower on Monday; STI down 0.87%
●Services Sector Predicted to Drive Singapore's Growth in 2024
●Singaporean Businesses Believe AI-Powered Search Engines Can Boost Productivity
●Stocks to watch: Singtel, Sabana Reit and Elite Commercial Reit
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened lower on Monday. The $FTSE Singapore Straits Time Index(.STI.SG$ dropped 0.87 percent to 3,189.03 as at 9.05 am.
Advancers / Decliners is 22 to 151, with 112.77 million securities worth S$115.53 million changing hands.
Breaking News
Services Sector Predicted to Drive Singapore's Growth in 2024
Experts predict that Singapore's gross domestic product (GDP) will continue to accelerate in the first half of 2024, with the services sector driving growth. All services-producing industries recorded year-on-year expansions in the first quarter of 2024. The country is expected to benefit from a range of factors, including Taylor Swift and Bruno Mars concerts, seasonal celebrations, and increased consumer spending. However, inflationary pressures could pose a downside risk to GDP growth, with global food and energy prices expected to rise. Despite this, a resilient economic backdrop is expected to persuade the Monetary Authority of Singapore to keep its policy parameters unchanged in 2024.
Singaporean Businesses Believe AI-Powered Search Engines Can Boost Productivity
The majority of Singaporean businesses consider conversational search systems to be an effective tool in boosting productivity in the workplace, according to a survey by search analytics firm Elastic. The survey found that nearly half of businesses believe the AI-powered tool could help employees save an average of two days per week. The research also revealed that 86% of decision-makers in Singapore plan to raise their investments in generative AI this year and beyond, with more than half saying generative AI could help companies make better use of their resources. However, Singaporean firms are reportedly struggling with AI-powered data searches, with concerns raised about the difficulty in utilizing search results effectively, the inability to cover multiple sources of information, and slow response times.
Stocks to Watch
$Singtel(Z74.SG$: Singapore Telecommunications (Singtel) and Viettel Solutions have signed a memorandum of understanding to plan and develop the Vietnam-Singapore Cable System submarine cable system (VTS), which will directly connect the two countries. The VTS cable will be developed using advanced wavelength division multiplexing technology, making it the first and most advanced cable jointly established by the two largest operators in Vietnam and Singapore, and the shortest cable directly connecting the two countries. The project will enhance high-speed capacity, redundancy, and security, while opening up new southern connection routes. Scheduled to be operational in the second quarter of 2027, the VTS cable will also have branch landing stations in Cambodia, Thailand, and Malaysia.
$Sabana Reit(M1GU.SG$: The manager of Sabana Industrial Real Estate Investment Trust (REIT) has announced its intention to convene the requisitioned extraordinary general meeting (EGM) on or before May 25. The EGM will consider the resolutions proposed in a requisition notice released on March 26. The requisitioners had requested that the resolutions be tabled at the annual general meeting (AGM) on April 23, or that the EGM be held immediately after the AGM. However, the manager was unable to accede to the request due to the closeness in time between the AGM and EGM, and the need to comply with regulatory and legal requirements. Unitholders will be issued with a notice of the requisitioned EGM and a circular containing material information relating to the resolutions in due course.
$EliteComREIT GBP(MXNU.SG$: Elite Commercial REIT has announced plans to diversify its portfolio beyond its current focus on government-leased properties in the UK. The trust aims to enhance value and position itself for future growth by including a wider range of real estate and related assets in its investment strategy. The move will take effect 30 days from the announcement. The decision builds on the trust's existing foundation of resilient cash flow from social infrastructure assets and is part of its ongoing efforts to future-proof and capitalize on its portfolio.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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