S’pore stocks dip on US-Iran ceasefire uncertainty; Singdollar gains against yen and rupiah

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SINGAPORE - Singapore stocks ended the week lower on April 17 as investors awaited the extension of the US-Iran war ceasefire beyond April 22.

The benchmark Straits Times Index (STI) dipped 0.2 per cent, or 9.9 points, to close the week at 4,997.93.

Yangzijiang Shipbuilding ended April 17 as the top performer, rising 1 per cent, or four cents, to $4.09, while Seatrium fell the most, losing 1.6 per cent, or four cents, to close at $2.42.

The three banks’ performances were mixed when markets closed for the week on April 17. OCBC Bank rose 0.3 per cent, or six cents, to $22.72; DBS Bank finished 0.1 per cent, or 5 cents, lower at $57.25; and UOB fell 0.3 per cent, or 12 cents, to $37.40.

Tech stocks gain weight

Tech stocks on the iEdge Singapore Next 50 have grown in prominence and now account for one-fifth of total weight on the index, led by UMS Integration (5.6 per cent) and iFast Corporation (5 per cent) in terms of liquidity-weighted ranking.

The top four constituents of the index – UMS Integration, iFast Corporation, Frencken Group and CSE Global – have generated an average 43 per cent total return since 2025 and a 2.5 times increase in average daily turnover compared with 2025, resulting in technology becoming the second-largest sector exposure on the index behind real estate investment trusts (REITs).

The iEdge Singapore Next 50 index, which tracks the next 50 largest companies beyond the 30 largest by market cap on the Singapore Exchange (SGX) mainboard, has recorded an average daily turnover of $275 million for 2026 up to April 15. This is up 45 per cent compared with 2025 levels.

For the beginning of 2026 through to April 16, the index saw a total return of 9.7 per cent, higher than STI’s 8.9 per cent for the same period.

The outlook for Singapore’s digital and technology-enabled economy is moderate, given geopolitical risks and rising cost pressures. According to advance gross domestic product estimates released by the Ministry of Trade and Industry on April 14, Singapore’s manufacturing sector grew 5 per cent in the first quarter of 2026, driven by output expansions in the electronics, transport engineering and precision engineering clusters.

Singapore dollar gains

The central bank on April 14 tightened its monetary policy stance for the first time since 2022, allowing for a stronger Singapore dollar in the face of soaring oil and natural gas prices from the Iran war.

A day earlier, on April 13, the Japanese yen weakened to a new low of 125.33 yen per Singdollar amid oil price volatility linked to the Iran war – the biggest drop in over a decade – before it recovered to about 124.91 on April 15. To date, the yen has weakened against the Singdollar by over 8 per cent since 2025, according to Bloomberg data.

Indonesia’s rupiah also hit a fresh low against the Singapore dollar on April 15, and was trading around 13,500 rupiah per Singdollar on April 16.

According to Bloomberg data, to date, it has weakened by over 13 per cent against the Singdollar since 2025, leading to concerns about a potential pullback in Indonesian demand for Singapore services, particularly healthcare, as well as softer export flows to Indonesia.

Koh Brothers turns down shareholders’ resolution

Property group Koh Brothers Group has rejected a second attempt by a group of shareholders to compel the distribution of its roughly 97.4 million shares in Oiltek International.

The shares are held through its subsidiary, Koh Brothers Eco Engineering (KBE), and the proposal sought to distribute them to KBE’s shareholders – including Koh Brothers – which would, in turn, pass them on to its own shareholders.

In a bourse filing on April 13, the mainboard-listed company said it would not table the proposed resolution at its upcoming annual general meeting (AGM), adding that doing so would not be in the best interests of the group.

The board cited an “uncertain and volatile” operating environment, as well as potential implications for the financial position of Oiltek, KBE and the group, as reasons for its decision.

This marks the second time the same group of shareholders has made the request. A similar resolution was tabled at Koh Brothers’ AGM in April 2025 but was voted down by a majority of shareholders.

The company noted that its decision to table the resolution in 2025 was made on an “exceptional basis” to facilitate shareholder engagement.

The renewed push comes as Oiltek’s valuation has surged. The company, which builds vegetable oil processing plants and biofuel refineries, has seen its market capitalisation climb to more than $1 billion, from about $290 million at the start of 2026, driven by major project wins and expansion into renewable energy.

Oiltek shares closed at $2.38 on April 17, up about 15 per cent for the week and roughly 240 per cent since January.

Shares for Koh Brothers closed the week at 41 cents, higher than when it started trading on April 17 at 35.5 cents.

First-quarter wins

Earlier in the week, shipbuilding and repairing commercial company Yangzijiang Maritime Development announced it had secured leasing agreements with an aggregate contract value of US$89.8 million (S$114 million), which covers 13 vessels with lease periods ranging from one to eight years.

The group said in a press release on April 14 that net assets attributable to equity holders stood at approximately US$1.6 billion as at Dec 31, 2025, translating to US$46.57 cents per share. The lease agreements are expected to positively contribute to the group’s financial performance, “barring any unforeseen circumstances”.

Yangzijiang Maritime’s executive chairman and chief executive officer Ren Yuanlin said the company is observing a “significant ‘tonnage-mile’ effect as geopolitical tensions force vessels to navigate longer, more complex routes”, which limits the capacity of global shipping.

“The contraction in constrained shipyard capacity, evolving maritime conditions and sustained demand from global trade flows have necessitated a vital fleet renewal cycle to maintain the seamless flow of international commerce, providing a highly favourable environment for our maritime asset portfolio,” he said.

Beng Kuang Marine on April 15 announced it had secured approximately $55.9 million of confirmed contracts as at March 31 through its key subsidiaries Asian Sealand Offshore & Marine (ASOM), International Offshore Equipments and PT Nexus Engineering Indonesia.

The lion’s share of the secured revenue stems from ASOM, the group’s offshore maintenance, lifecycle engineering and resident contractor business. It secured $27.6 million worth of confirmed contracts, all backed by formal purchase orders. The contracts span seven countries: Angola, Guyana, Malaysia, Ghana, Brazil, China and Singapore.

Other market movers

Back on land, Keppel DC REIT on April 16 posted revenue of $121 million for the first quarter of 2026, an 18.4 per cent increase from the previous year during the same period.

The REIT also posted a 13.2 per cent higher distribution per unit of 2.833 cents for its first quarter, from 2.503 cents in the previous corresponding period. It also increased distributable income for the quarter at $74.6 million, a 20.7 per cent year-on-year increase from $61.8 million.

The REIT’s manager said this was the result of strong portfolio performance, with contributions from its acquisition of Tokyo Data Centre 3 and remaining interests in Keppel DC Singapore 3 and 4.

Shares of Keppel DC REIT closed at $2.35 on April 17.

Singapore telco StarHub, in a regulatory filing on April 15, ceded the majority of its joint venture Ensign InfoSecurity to co-shareholder Temasek in a $115 million deal. That closed out a seven-year governance arrangement and will bring the telco more than $200 million when the books close for the financial year ending Dec 31, 2026.

StarHub said the move will “partially monetise” its investment in Ensign Infosecurity while retaining strategic participation, and allow it to redeploy capital towards other strategic and core business investments. Temasek, through Ensign Technologies, resumes majority control in Ensign Infosecurity.

Shares of StarHub closed at $1.06 on April 17, 0.2 cent higher than when trading opened for the week on April 13.

What to look out for next week

In response to increased investor activity in Singapore Depository Receipts (SDRs), SGX will launch three new Hong Kong-listed SDRs for trading on April 20.

This will open up Singdollar-denominated overseas investment opportunities in high-growth sectors such as electric vehicles, digital platforms and artificial intelligence. The new SDRs are: Geely Automobile (SGX: HGMD), Kuaishou Technology (SGX: HKUD) and UBTECH Robotics (SGX: HUUD).

The three new SDRs will have minimum investment sizes of around $200, compared with more than $1,000 for their underlying shares in Hong Kong, and will increase the exchange’s SDR offerings to 35 across Hong Kong, Thailand and Indonesia.

Kin Global, a Singapore-based sports events management firm, has launched its initial public offering (IPO) on the SGX Catalist board, with applications closing at noon on April 21. Trading is expected to begin at 9am on April 23.

The IPO is priced at 23 cents a share and is expected to raise about $10.1 million.

Correction note: In an earlier version of the story, we said that Keppel DC REIT posted a 13.2 per cent higher distribution per unit of 28.33 cents for its first quarter, from 25.03 cents in the previous corresponding period. This is incorrect. It should be 2.833 cents and 2.503 cents respectively. We are sorry for the error.