DAILY REPORT 24th OCTOBER
Snapshot for Straits Times Index STI (FSSTI) Open
Year To Date
3,198.96 – 3,235.25
2,931.60 - 3,464.79
Straits Times Index (STI)
TOP GAINERS & LOSERS TOP GAINERS
3.00% 2.50% 2.00%
CapitaMalls Asia Ltd
Golden Agri- Resource..
Jardine Stategic Ho..
Hutchinson Port Holding
Genting Singapore PL..
DBS Group Holdings Ltd
ComfortDelGo Corp L..
Thai Beverage PCL
%Change 2.76% 1.85% 1.39% 0.65% 0.39% 0.33% 0.12% 0.00% 0.00% 0.00%
Noble Group Ltd TOP LOSER
TOP LOSERS 0.00% -0.20% -0.40% -0.60% -0.80% -1.00% -1.20% -1.40% -1.60% -1.80% -2.00% % Change
0.00% % Change
Singapore Exchange L.. Singpore Technologi…
Sembcorp Industries… Hongkong Land Holdin.. Jardine Cycle & Carr.. Olam International L. Singapore Telecommun..
-1.28% -1.11% -1.07% -0.96% -0.80%
United Overseas Bank SembCorp Marine Ltd. Global Logistic Prop..
-0.43% -0.43% -0.32% Page 1
DAILY REPORT 24th OCTOBER
According to DBS, CPI inflation for September came in lower than expected. The headline number printed 1.6% YoY against the consensus expectation of 2.0%. While inflation has surprised on the downside in the month. Decline in transport cost is the key driver for the lower inflation and this is largely policy driven. Apart from the corrections in the COE premiums due to the tightening in car loans by the Monetary Authority of Singapore (MAS), the policy to introduce free MRT rides has probably helped to lower overall transport costs in recent months. But such policy changes will only have transient effects on inflation, which will not last for more than 12 months due to lapsing of their associated base effects. As it is, COE premiums are already approaching pre-tightening levels. The base effect will lapse from October onwards, which spells higher transport inflation ahead. With the underlying cost pressure in the domestic economy still high, expect a spike in headline inflation when the base effects from transport related policy changes lapse next year.
DBS continues to maintain the view that inflation will cross the 3% mark in the coming months and could potentially test the 4% level by middle of next year.
Singapore and China agreed on new initiatives to strengthen cooperation on financial sector development and regulation. The agreement was reached at the 10th Joint Council for Bilateral Cooperation (JCBC). Singapore will be given consideration as one of the investment destinations under the new Renminbi Qualified Domestic Institutional Investor (RQDII) scheme. This will allow qualified Chinese institutional investors to use RMB to invest in Singapore’s capital markets. The measure will help to broaden the universe of assets available to Chinese investors as well as the investor base for Singapore’s capital markets. China and Singapore will introduce direct currency trading between the Chinese Yuan and Singapore Dollar. Further details will be announced separately. New measures are being studied to allow cross-border flows of RMB between Singapore and Suzhou Industrial Park (SIP) as well as Tianjin Eco-City (TEC).
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