SG Morning Highlights | TikTok to Invest $1.5 Billion in Revamping Indonesian E-Commerce Service; Sea Falls Over 5% on Monday
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened higher on Tuesday; STI up 0.09%
●SGX securities turnover up 1% in November; posts record commodity derivatives volume
●TikTok Invests $1.5 Billion to Revamp Indonesian E-Commerce Service; Sea Fall Over 5% on Monday
●Stocks to watch: Wing Tai, CSE Global
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened higher on Tuesday. The $FTSE Singapore Straits Time Index(.STI.SG$ rose 0.09 per cent to 3,092.97 as at 9.10 am.
Advancers / Decliners is 101 to 45, with 83.24 million securities worth S$89.81 million changing hands.
Breaking News
SGX securities turnover up 1% in November; posts record commodity derivatives volume
Total securities market turnover on the Singapore Exchange (SGX) rose 1 per cent on month in November to S$20 billion, while securities daily average value climbed 6 per cent on month to S$952 million. That's according to SGX's monthly market statistics report, released on Monday (Dec 11). During the month, real estate investment trusts (Reits) saw their most active daily turnover since March 2023, with all Singapore Reits and property trusts that traded in November ending the month in positive territory, SGX said.
TikTok Invests $1.5 Billion to Revamp Indonesian E-Commerce Service; Sea Fall Over 5% on Monday
TikTok has announced its plan to acquire a majority of the e-commerce unit of Indonesian tech conglomerate, GoTo, for $840 million. This purchase would enable TikTok to revive its online shopping business in Indonesia, the biggest economy in Southeast Asia. Additionally, the company stated that it plans to further invest in Tokopedia, which is currently the largest e-commerce platform in Indonesia, amounting to a total investment of $1.5 billion. According to a research report by Citi, there is intense competition in the Indonesian e-commerce market between TikTok and Sea's platform, Shopee.
Stocks to Watch
$Wing Tai(W05.SG$: Property group Wing Tai Holdings said its wholly-owned subsidiary, Wincrown, has acquired a property in Melbourne, Australia, for A$28 million (S$24.7 million). The property – 11-27 Tavistock Place, Melbourne, Victoria 3000 – is a substation site located in the Melbourne central business district. In a bourse filing on Monday (Dec 11), the company said it entered into a contract of sale with Australian energy supplier CitiPower to purchase the property, and the acquisition was completed on Dec 11.
$CSE Global(544.SG$: Automation solutions provider CSE Global has secured two major contracts worth S$27.7 million in the United States, it said in a bourse filing on Monday (Dec 11). The first contract is for the design, engineering and supply of power distribution centres for manufacturing fabs in the US, which are slated for execution between 2024 and 2025. The second contract is for the design, engineering, procurement and installation of environmental systems and equipment in the US. This will be progressively executed and delivered by 2027.
Share Buy Back Transactions
Source: Business Times, SG investors
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