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Singapore stocks track regional declines on Friday; STI down 1%

Singapore stocks fell on Friday, with the STI down 1% amid regional declines. Key indices like Nikkei 225 and Kospi Composite also dropped significantly. The AI valuation bubble and Japanese bond market destabilization contributed to the sell-off. Sembcorp Industries was the biggest loser on STI, while Hongkong Land gained slightly. Local banks DBS, OCBC, and UOB ended lower.

Businesstimes·
SG
H78
+0.48%
SG
U96
-3.65%
SG
D05
-0.33%
Businesstimes·
SG
H78
+0.48%
SG
U96
-3.65%
SG
D05
-0.33%

OCBC Expands Its Digital Wallet Reach

OCBC has integrated eight major Southeast Asian digital wallets into its banking app, creating a comprehensive bank-to-wallet ecosystem. This move, in partnership with Visa, aims to streamline remittances, reduce costs, and enhance access to digital financial services for unbanked consumers. OCBC customers in Singapore can now transfer money to wallets in Indonesia, Malaysia, the Philippines, and Vietnam. The initiative targets Singapore's foreign workforce, addressing remittance frictions, and is part of OCBC's ambition to connect to 50 wallets globally.

FiNews·
SG
O39
-1.04%
FiNews·
SG
O39
-1.04%

DBS Bank Australia Branch Files for Singapore Listing of AU$200 Million Bonds due 2028

DBS Bank Australia Branch Files for Singapore Listing of AU$200 Million Bonds due 2028

marketscreener·
US
DBSDY
+0.80%
SG
D05
-0.33%
marketscreener·
US
DBSDY
+0.80%
SG
D05
-0.33%

STI tumbles 1% amid rout in Asia markets; Nikkei, Hang Seng falls more than 2%

Singapore's Straits Times Index (STI) fell 1% amid a broader Asian market rout, with the Nikkei and Hang Seng dropping over 2%. Concerns over an AI bubble crash have impacted markets, with local banks like DBS, OCBC, and UOB also declining. Earlier, US markets fell on similar fears, despite a brief rebound after Nvidia's positive guidance. Strong US jobs data further dampened hopes for a December rate cut.

Businesstimes·
SG
D05
-0.33%
US
DBSDY
+0.80%
SG
U11
-0.15%
Businesstimes·
SG
D05
-0.33%
US
DBSDY
+0.80%
SG
U11
-0.15%

Stocks to Watch on Friday | Lianhe Zaobao

The possibility of a rate cut by the Federal Reserve in December has decreased, putting pressure on the U.S. stock market. The Nasdaq index fell by 2.15%, while the S&P 500 and Dow Jones dropped by 1.56% and 0.84%, respectively. In September, the U.S. added 120,000 non-farm jobs, exceeding expectations, with an unemployment rate of 4.4%. The market is concerned that the Federal Reserve will not cut interest rates. The Singapore stock market's Straits Times Index rose by 0.15%. TT International received a letter from OCBC Bank, requiring debt repayment

Zaobao·
SG
O39
-1.04%
SG
STI
-0.95%
Zaobao·
SG
O39
-1.04%
SG
STI
-0.95%