Singapore’s Straits Times Index (SGX: ^STI) ended the week on a positive note, inching up to 3,746 points, compared to 3,744 the previous week. This marginal rise follows news that Singapore’s economy outperformed expectations for third-quarter growth. Consequently, the Singapore government revised its year-on-year Q3 growth estimate to 5.4% and adjusted its 2024 full-year growth forecast to approximately 3.5%.
Singapore Exchange (SGX: S68) Hits 16-Year High
Shares of Singapore Exchange surged to their highest levels since December 2007, closing at S$12.75 on Friday, November 22. This spike comes amid increasing turnover and trading volumes, driven by near-term market volatility. Year-to-date, the Singapore stock market has advanced 15.7%, making it the top-performing market in Southeast Asia.
ST Engineering’s (SGX: S63) reported increase in Q3 revenue
The technology and engineering group reported a 14% increase in Q3 revenue to S$2.8 billion, compared to S$2.4 billion in the same period last year.
The company also announced an interim dividend of S$0.04 per share, consistent with the prior year. ST Engineering saw its share price dipping earlier in the week before rebounding to close higher at $4.68. The stock recently hit a high of S$4.78 and remains up around 20% year-to-date. Notably, DBS Bank acquired 77,700 shares of ST Engineering on November 14, paying S$4.70 per share.
Frasers Logistics and Commercial Trust (SGX: BUOU) Hits 52-Week Low
The REIT posted mixed earnings for FY2024, which ended on September 30. While revenue rose 6.2% year-on-year to S$446.7 million, adjusted net property income edged up just 2.7% to S$320 million. Distribution per unit fell 3.4% year-on-year to S$0.068. FLCT is trading at a 52-week low of S$0.91, with its units down 15% year-to-date.
Wall Street Extends Rally as Bitcoin Soars
In the U.S., stocks continued their upward momentum this week. The small-cap index climbed 4.5%, while major technology stocks, including Nvidia (NASDAQ: NVDA), Alphabet (NASDAQ: GOOG), and Meta Platforms Inc (NASDAQ: META), underperformed. Catch our round up of the Magnificent 7 stocks earnings here. The Dow Jones is up 17% year-to-date, the S&P 500 has gained 25%, and the NASDAQ leads with a 28% year-to-date increase. Meanwhile, Bitcoin surged to a fresh high on Friday, fueling speculation about it reaching $100,000 soon.
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Disclosure: Joanna Sng owns shares of Singapore Exchange, ST Engineering, Frasers Logistics and Commercial Trust, Nvidia, Alphabet, and Meta.
