Market Snapshot

Singapore stocks opened lower on Wednesday. STI fell 0.4%; Nio up 7%; Olam up 0.5%; SingPost fell 1.8%; SIA fell 1.5%.

Stocks to Watch

GuocoLand: The property developer secured S$367.1 million in green financing from DBS to develop a residential site in Faber Walk, which was awarded to its tie-up with joint venture partners TID and Hong Leong in November 2024. The green club facility was raised under its green finance framework, said the group on Tuesday. The 25,795.4 square metre site, which GuocoLand plans to develop into a 399-unit residential development spread across nine low-rise blocks, will be the group’s third project to achieve a Green Mark Platinum (Super Low Energy) with Maintainability Badge certification from the Building and Construction Authority. Shares of GuocoLand closed 1.4 per cent or S$0.02 lower at S$1.46 on Tuesday.

Incredible: Suspended Incredible Holdings inked a non-binding agreement with Malaysian company Sheng Tai International to exchange a prime land asset for shares that is expected to lead to a reverse takeover. The proposed transaction is part of its corporate strategy to diversify returns and achieve long-term growth, and is meant to provide new revenue streams and improve its prospects, said the Catalist-listed company’s board on Tuesday. Sheng Tai will inject a prime Malaysia land asset into Incredible for development and construction in return for new shares in the suspended company. Upon completion of the transaction, the latter’s board will be restructured by Sheng Tai. Shares of Incredible remain suspended.

SG Local News

SGX Plans Roll-Out of New Futures Contracts in Bitcoin, Brazilian Real

The Singapore Exchange (SGX) plans to launch new derivatives contracts in Bitcoin and the Brazilian real, further expanding its lucrative derivatives business.

On March 10, SGX told the media that it will soon launch Bitcoin perpetual futures on its platform in efforts to capture strong international demand for crypto exposure from institutional investors.

Perpetual futures, which have no expiry dates, are especially popular in crypto trading, as they allow traders to take leveraged positions in the underlying cryptocurrency without having to own it.

This means traders can take a larger position in the underlying asset with a small amount of capital, and amplify profits if asset prices move in their favour. Should prices move against them, traders could lose their entire margin.

SGX intends to launch these contracts in the second half of 2025 and will offer them to institutional clients and professional investors only. Retail customers will not be permitted to trade the contracts.

Singapore Revises Electoral Boundaries Ahead of Election This Year

Singapore has revised its electoral boundaries, the Elections Department said on Tuesday, a move usually seen as a sign that the government is preparing to call a general election.

The election due by November 2025, though Prime Minister Lawrence Wong can call it earlier, will be his first such test since taking over from long-time premier Lee Hsien Loong as leader of the People's Action Party in May 2024.

Tuesday's report on new electoral boundaries, which were attributed to population shifts, is a closely watched event because past elections have followed months after the release of previous reports.

Nomura Expands in Singapore, Dubai as Wealth Unit Turns Profit

Nomura Holdings Inc. is expanding its wealth management team in Singapore and Dubai after the global business turned a profit last year, 18 months ahead of target.

The Tokyo-based firm is moving to a new office in Dubai that can accommodate up to 60 staff, double the space at its previous location, Ravi Raju, head of Nomura’s international wealth business, said in an interview. Nomura is also hiring in Singapore, after beefing up staffing in Hong Kong last year, he said, without providing specific numbers.

Nomura is making a big push in private banking as part of its efforts to diversify revenue beyond investment banking and global markets. The 100-year-old firm is also benefiting from an earnings recovery and investors’ renewed appetite for Japanese assets.