DAILY MORNING NOTE | 24 June 2025

Trades Initiated in Past Week

Singapore stocks ended lower on Monday (Jun 23) amid a mixed trading session in the region, after the US launched strikes on three of Iran’s nuclear facilities over the weekend. Stocks fell 0.1 per cent or 4.17 points to 3,879.26. Across the broader market, losers beat gainers 269 to 217, after 1.2 billion securities worth S$1.3 billion changed hands.

Wall Street stocks rose on Monday as markets shrugged off Iran’s response to the weekend US military strike while petroleum-related equities plummeted with crude prices. Iran announced it had launched missiles at a major US base in Qatar, with explosions ringing out in Doha and projectiles seen streaking overhead. The Dow Jones Industrial Average finished up 0.9 per cent at 42,581.78. The broad-based S&P 500 rose 1.0 per cent to 6,025.17, while the tech-rich Nasdaq Composite Index jumped 0.9 per cent to 19,630.97.

Singapore Technical Highlights

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TOP 5 GAINERS & LOSERS

Events Of The Week

SG

Singapore and China on Monday (Jun 23) inked four agreements on cooperation in areas such as training and knowledge exchange, in a ceremony witnessed by Prime Minister Lawrence Wong and Chinese Premier Li Qiang. This was on the first full day of PM Wong’s introductory visit to China, which is from Jun 22 to 26.

Singapore’s inflation nudged back down in May, driven by slower price increases in food and private transport, data from the Department of Statistics showed on Monday (Jun 23). Core inflation, which excludes accommodation and private transport, was 0.6 per cent – in line with forecast. It was also lower than the previous month’s reading of 0.7 per cent. Headline inflation was 0.8 per cent, also in line with forecast. May’s reading was also down from April’s 0.9 per cent.

Interior fit-out business Lum Chang Creations has lodged a preliminary prospectus on Monday (Jun 23) for a Catalist listing on the Singapore Exchange. This follows its spin-off from mainboard-listed Lum Chang Holdings, finalised upon internal restructuring on Jun 19.

OCBC said it has “no intention” to convert its Class C non-voting shares in Great Eastern to ordinary shares when they come up for conversion in five years. In a statement on Monday (Jun 23), the lender said it does not intend to convert the Class C shares “on or after the fifth anniversary of the first issuance” as it would result in Great Eastern losing its free float again.

Oversea-Chinese Banking Corporation (OCBC) Group has committed more than RM11 billion ($3.32 billion) in financing to businesses in the Johor state since the start of 2024, as part of its commitment to the development of the Johor-Singapore Special Economic Zone (JS-SEZ). By the end of 2025, OCBC expects to provide at least another RM3 billion in financing for investments into various sectors including real estate, oil and gas, manufacturing and data centres, according to a June 23 announcement.

There could potentially be new flight connections between Singapore and three Indonesian destinations – Semarang in Central Java, Palembang in South Sumatra and Belitung Island off the east coast of Sumatra. On Jun 20, airport operator Changi Airport Group (CAG) told The Straits Times that it is in talks with carriers about potential services for these three routes.

The Singapore Exchange (SGX) will be listing six new Singapore Depository Receipts (SDRs) on Monday (Jun 23), comprising three Hong Kong mega-caps and three Thai blue-chip companies. The Hong Kong companies are Semiconductor Manufacturing International Corp, e-commerce giant JD.com and PetroChina. The Thai names are private hospital operator Bangkok Dusit Medical Services, food conglomerate CP Foods and Gulf Development. This takes the total SDR shelf to 21 securities on SGX, and covers about 50 per cent of the SET50 and Hang Seng Index by constituent weight.

Wilmar International, the Singapore-based food company, plans to boost its palm oil business in Nigeria wooed by policies that have helped stabilise the naira and bolstered the availability of dollars in Africa’s most populous nation. The company, led by billionaire Kuok Khoon Hong, last week announced a plan to acquire all the shares in a palm oil venture with PZ Cussons for US$70 million ($90.4 million).

US

Oil prices settled down more than 7 per cent on Monday, losing more than US$5 a barrel after Iran took no action to disrupt oil and gas tanker traffic through the Strait of Hormuz, but instead attacked a US military base in Qatar in retaliation for US attacks on its nuclear facilities. Brent crude futures closed down US$5.53, or 7.2 per cent, at US$71.48 a barrel, while US West Texas Intermediate crude (WTI) eased US$5.53, or 7.2 per cent, to US$68.51. Brent’s 7.2 per cent drop was the steepest since August 2022. The benchmark traded in a US$10 range, the widest since July 2022.

Apple has signed a deal to release new movies from North Road, the entertainment studio led by media mogul Peter Chernin, indicating the technology giant’s growing ambitions in Hollywood. The agreement will give Apple first crack at new projects being developed by Chernin, whose company has been aligned with Netflix for the last five years.

US previously owned home sales rose slightly in May to a still-sluggish pace that continues to show a housing market constrained by poor affordability. Contract closings increased 0.8 per cent to an annualised rate of 4.03 million last month, just the second advance this year, according to data released on Monday (Jun 23) by the National Association of Realtors (NAR). That compared with the 3.95 million estimate.

Source: SGX Masnet, Bloomberg, Channel NewsAsia, Reuters, CNBC, WSJ, The Business Times, The Edge Singapore, PSR

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