DAILY MORNING NOTE | 5 October 2023

Singapore stocks extended losses on Wednesday (Oct 4), tracking a slide in US indices. It declined 1.4 per cent or 44.96 points to 3,147.39. Across the broader market, there were more than twice as many losers as there were gainers – 421 to 208, as 1.5 billion shares worth S$1.3 billion changed hands. Japan’s Nikkei 225 dropped 2.3 per cent, while Hong Kong’s Hang Seng Index slid 0.8 per cent. The FTSE Bursa Malaysia KLCI closed down 0.3 per cent.

Wall Street stocks ended the day higher on Wednesday (Oct 4), as Treasury yields pulled back on the heels of a weak private hiring report. The US private sector added just 89,000 jobs in September according to payroll firm ADP, and the hiring slowdown could ease pressure on policymakers to raise interest rates further. The Dow Jones Industrial Average closed up 0.4 per cent at 33,129.55. The broad-based S&P 500 rose 0.8 per cent to 4,263.73, while the tech-rich Nasdaq Composite Index surged by 1.4 per cent to 13,236.01.

Top gainers & losers





Certificate of entitlement (COE) prices broke new ground with the price for Open category COEs exceeding S$150,000 for the first time and the premium for Category B reaching another record high. Category E, the Open category, which can be used to register any type of motor vehicle except motorcycles, increased by 5.1 per cent or S$7,360 to S$152,000. This is the first time the price of any COE has reached the S$150,000 mark, and exceeds the previous record of S$144,640 which was set in September’s second round of bidding. Prices for Category B rose 3.6 per cent or S$5,113 to S$146,002. This is also a new high, exceeding the previous record of S$140,889 set in September’s second round of bidding. Category B is the category for cars with engines of more than 1,600 cc in capacity or with more than 97 kilowatts (kW), or for electric vehicles (EVs) with more than 110 kW.

Wong Kar King, managing director and controlling shareholder of Advanced Holdings, voted against a capital reduction and cash distribution plan, as he was mulling a potential investment. The proposed investment came about after the company’s board put forward the proposal and before the EGM was held on Sept 29. Under the plan, each Advanced Holdings shareholder would receive a cash distribution of 23.2 cents, in a bid by the company to reduce its capital and account for the accumulated losses of more than $15 million as at Dec 31 2022 over the years. Under this plan, Wong would personally receive $9.6 million, based on his stake of more than 41.4 million shares. However, the proposal did not go through, with 81.01% of the shares voting against, outnumbering the 18.99% shares in favour.

Switzerland-based energy trader MET Group has set up an office in Singapore to focus on liquefied natural gas (LNG) trading, as well as asset investments in what will be its first office in Asia, the company said on Wednesday (Oct 4). MET’s Singapore subsidiary will be 10 per cent owned by Keppel. The two companies also have a joint venture to explore renewable energy opportunities in Europe. “Keppel and MET will seek to broaden this cooperation in Asia as well,” MET said. The company’s activities include wholesale and retail distribution of gas and power generation in European countries including France, Germany, Italy and Spain. It imported more than 30 terawatt-hours (TWh) – or around 2.3 million tonnes – of LNG in 2022. Its total traded volume of natural gas amounted to 109 billion cubic metres (bcm) last year, while total traded electricity was 67 TWh.


Oil prices settled down more than US$5 on Wednesday (Oct 4) as fuel demand destruction and a bleaker macroeconomic picture took centre stage in the day’s trade. Brent crude oil futures settled down 5.11, or 5.6 per cent, to US$85.81 a barrel while US West Texas Intermediate crude (WTI) fell US$5.01, or 5.6 per cent, to US$84.22. At their session lows, both benchmarks were down by more than US$5, and heating oil and petrol futures also fell by more than 5 per cent. Crude oil prices have fallen by about US$10 since last week’s settlement.

Google is looking to challenge Apple head-on with new Pixel phones that are more iPhone-like than ever before. This year’s Pixel 8 and 8 Pro are closer in price to Apple’s counterparts, have similar flat-edged screens, and can make payments with face identification. Alphabet’s Google introduced its new lineup on Wednesday (Oct 4) – including fresh smartphones, watches and earbuds – and raised the starting price of its phones by US$100 each. The Pixel 8 Pro matches the iPhone 15 Pro at US$999, while the Pixel 8 costs the same as the iPhone 14 at US$699. The new prices reflect the upgraded displays and cameras used in the latest devices, which are still “punching above our weight class,” according to Google product manager Patrick Hennessey, suggesting that consumers are getting more for their money.

Treasury yields inched down from multiyear highs on Wednesday after new jobs data showed tentative signs of a weakening labor market. The yield on the 10-year Treasury note dropped nearly 7 basis points to 4.735% on the back of the data release. Earlier, yields rose as high as 4.884% after crossing the 4.8% mark on Tuesday — levels last seen in 2007. Payroll processing firm ADP said job growth totaled just 89,000 in September, sharply below the 160,000 estimate from economists polled by Dow Jones. The 30-year Treasury bond yield slid 7 basis points to 4.867%, after briefly trading above 5% earlier in the session, also at levels last seen in 2007. The 2-year Treasury note yield was last down 9 basis points at 5.054%. Yields and prices have an inverse relationship, so that when prices rise, yields fall.

General Motors is setting up a US$6 billion line of credit to shore up liquidity, a move indicating the carmaker is preparing for a strike at US plants that may drag on with costs already reaching US$200 million. The Detroit-based company’s move to bolster its financial position was announced in a securities filing early Wednesday (Oct 4). GM wants the 364-day revolving credit line, which will mature on Oct 1 next year, to maintain operational flexibility, a company spokesperson said. As of June 30, GM’s total automotive liquidity stood at US$38.9 billion, so it’s not at risk of running out of money anytime soon. But the new credit line is a sign GM may be buckling in for a prolonged work stoppage by the United Auto Workers.

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


PSR Stocks Coverage



For more information, please visit:


Upcoming Webinars

Guest Presentation by SingPost

Date & Time: 5 Oct 2023 | 12pm – 1pm

Register: https://tinyurl.com/48sxns3d

Strategy & Stock Picks (SG Market)

Date & Time: 7 Oct 2023 | 10am – 12pm

Register: https://tinyurl.com/ycy2ezwu

Guest Presentation by Oceanus Group Limited

Date & Time: 10 Oct 2023 | 12pm – 1pm

Register: https://tinyurl.com/hbu9kpwu

Strategy & Stock Picks (US Market)

Date & Time: 12 Oct 2023 | 7.30pm – 9pm

Register: https://tinyurl.com/ycy2ezwu

Guest Presentation by Keppel Pacific Oak US REIT (KORE)

Date & Time: 19 Oct 2023 | 12pm – 1pm

Register: http://tinyurl.com/5n8kh8ta

POEMS Podcast:

Research Videos

Weekly Market Outlook: Sasseur REIT, ST Engineering, Technical Analysis, SG Weekly & More!
Date: 2 October 2023
Click here for more on Market Outlook.
Sign up for our webinars here, and be among the first to receive economy and market updates.


Phillip Research in 3 minutes: #29 Keppel Corporation; Initiation
Click here for more on Phillip in 3 mins.

Follow our Socials

Facebook Social Icon Instagram Icon Twitter Social Icon Youtube Social Icon Linkedin Social Icon TikTok Social Icon Spotify Social Icon

Join our Singapore Equity Research Community on POEMS Mobile 3 App for the latest research reports, market updates, insights and more

Click to join!


The information contained in this email and/or its attachment(s) is provided to you for information only and is not intended to or nor will it create/induce the creation of any binding legal relations. The information or opinions provided in this email do not constitute an investment advice, an offer or solicitation to subscribe for, purchase or sell the e investment product(s) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of this information. Investments are subject to investment risks including possible loss of the principal amount invested. The value of the product and the income from them may fall as well as rise. You may wish to seek advice from an independent financial adviser before making a commitment to purchase or investing in the investment product(s) mentioned herein. In the event that you choose not to do so, you should consider whether the investment product(s) mentioned herein is suitable for you. PhillipCapital and any of its members will not, in any event, be liable to you for any direct/indirect or any other damages of any kind arising from or in connection with your reliance on any information in and/or materials attached to this email. The information and/or materials provided 揳s is?without warranty of any kind, either express or implied. In particular, no warranty regarding accuracy or fitness for a purpose is given in connection with such information and materials.

Confidentiality Note

This e-mail and its attachment(s) may contain privileged or confidential information, which is intended only for the use of the recipient(s) named above. If you have received this message in error, please notify the sender immediately and delete all copies of it. If you are not the intended recipient, you must not read, use, copy, store, disseminate and/or disclose to any person this email and any of its attachment(s). PhillipCapital and its members will not accept legal responsibility for the contents of this message. Thank you for your cooperation.

Contact us to Open an Account

Need Assistance? Share your Details and we’ll get back to you


This material is provided by Phillip Capital Management (S) Ltd (“PCM”) for general information only and does not constitute a recommendation, an offer to sell, or a solicitation of any offer to invest in any of the exchange-traded fund (“ETF”) or the unit trust (“Products”) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. You should read the Prospectus and the accompanying Product Highlights Sheet (“PHS”) for key features, key risks and other important information of the Products and obtain advice from a financial adviser (“FA“) pursuant to a separate engagement before making a commitment to invest in the Products. In the event that you choose not to obtain advice from a FA, you should assess whether the Products are suitable for you before proceeding to invest. A copy of the Prospectus and PHS are available from PCM, any of its Participating Dealers (“PDs“) for the ETF, or any of its authorised distributors for the unit trust managed by PCM.  

An ETF is not like a typical unit trust as the units of the ETF (the “Units“) are to be listed and traded like any share on the Singapore Exchange Securities Trading Limited (“SGX-ST”). Listing on the SGX-ST does not guarantee a liquid market for the Units which may be traded at prices above or below its NAV or may be suspended or delisted. Investors may buy or sell the Units on SGX-ST when it is listed. Investors cannot create or redeem Units directly with PCM and have no rights to request PCM to redeem or purchase their Units. Creation and redemption of Units are through PDs if investors are clients of the PDs, who have no obligation to agree to create or redeem Units on behalf of any investor and may impose terms and conditions in connection with such creation or redemption orders. Please refer to the Prospectus of the ETF for more details.  

Investments are subject to investment risks including the possible loss of the principal amount invested. The purchase of a unit in a fund is not the same as placing your money on deposit with a bank or deposit-taking company. There is no guarantee as to the amount of capital invested or return received. The value of the units and the income accruing to the units may fall or rise. Past performance is not necessarily indicative of the future or likely performance of the Products. There can be no assurance that investment objectives will be achieved.  

Where applicable, fund(s) may invest in financial derivatives and/or participate in securities lending and repurchase transactions for the purpose of hedging and/or efficient portfolio management, subject to the relevant regulatory requirements. PCM reserves the discretion to determine if currency exposure should be hedged actively, passively or not at all, in the best interest of the Products.  

The regular dividend distributions, out of either income and/or capital, are not guaranteed and subject to PCM’s discretion. Past payout yields and payments do not represent future payout yields and payments. Such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value (“NAV”) of the Products. Please refer to <www.phillipfunds.com> for more information in relation to the dividend distributions.  

The information provided herein may be obtained or compiled from public and/or third party sources that PCM has no reason to believe are unreliable. Any opinion or view herein is an expression of belief of the individual author or the indicated source (as applicable) only. PCM makes no representation or warranty that such information is accurate, complete, verified or should be relied upon as such. The information does not constitute, and should not be used as a substitute for tax, legal or investment advice.  

The information herein are not for any person in any jurisdiction or country where such distribution or availability for use would contravene any applicable law or regulation or would subject PCM to any registration or licensing requirement in such jurisdiction or country. The Products is not offered to U.S. Persons. PhillipCapital Group of Companies, including PCM, their affiliates and/or their officers, directors and/or employees may own or have positions in the Products. Any member of the PhillipCapital Group of Companies may have acted upon or used the information, analyses and opinions herein before they have been published. 

This advertisement has not been reviewed by the Monetary Authority of Singapore.  


Phillip Capital Management (S) Ltd (Co. Reg. No. 199905233W)  
250 North Bridge Road #06-00, Raffles City Tower ,Singapore 179101 
Tel: (65) 6230 8133 Fax: (65) 65383066 www.phillipfunds.com