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Daily Debrief: What Happened Today

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Shares in property stocks fell early Friday morning after the government's surprise Thursday evening announcement of fresh property market cooling measures.

Singapore property, bank stocks tumble in wake of new cooling measures
City Developments,UOL Group and  Oxley Holdings were among the stocks that dipped along with CapitaLand and PropNex which had just made its debut on the Singapore Exchange on Monday.

'A sledgehammer to kill a fly': Experts surprised by 'severity' of new property curbs
ALMOST all categories of private residential property buyers have been affected by the Singapore government's decision to raise the additional buyer's stamp duty (ABSD) and tighten the loan-to-value (LTV) limits on residential property purchases. 

Sembcorp Marine raises purchase price for Sevan Marine's intellectual property rights
SEMBCORP Marine (SembMarine) is upping the purchase price for the acquisition of the intellectual property rights of Oslo-listed Sevan Marine ASA to US$39 million from US$28 million. 

Broker's take: DBS says strong escalation of competition in Singapore ride-hailing space unlikely
DESPITE provisional findings from the Competition and Consumer Commission of Singapore (CCCS) that Uber’s sale of its South-east Asian business to Grab infringed the Competition Act, DBS Group Research is of the view that strong escalation of competition in the ride-hailing space is unlikely. 

China contractor confirms halts work on Malaysia rail link project
THE Chinese contractor for Malaysia's US$20 billion East Coast Railway Link has confirmed that it suspended all work on the project as Kuala Lumpur seeks to renegotiate the terms of the deal with China. 

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China retaliates as trade war starts
The United States imposed the first duties on US$34 billion in Chinese goods early Friday and China immediately retaliated, launching a commercial battle that analysts fear could shake markets and cramp global business. 

The STI today

Singapore shares slump 2% on Friday
US trade tariffs and property cooling measures announced by the Singapore government on Thursday night caused the Straits Times Index (STI) to fall 2 per cent, or 64.89 points, to close at 3,191.82 on Friday, breaking through the psychological 3,200 support level. 


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