🚀 Dow Hits Record High as Tech Stocks Stumble — AI Trade Faces Pressure
US:DGT:Dow Jones Industrial Average
The Dow Jones Industrial Average surged 559.33 points, or 1.18%, closing at a record 47,927.96. Investors shifted from high-growth tech to value stocks, lifting blue-chip giants such as US:MRK:Merck, US:AMGN:Amgen, and US:JNJ:Johnson & Johnson. The SGX:S27.SI:S&P 500 rose 0.21% to 6,846.61, while the US:QQQ:Nasdaq Composite slipped 0.25% to 23,468.30.
US:NVDA:Nvidia | US:SOFTBANK:SoftBank | US:COREWEAVE:CoreWeave
Artificial intelligence stocks struggled. US:COREWEAVE:CoreWeave dropped over 16% on disappointing guidance, while US:NVDA:Nvidia fell 3% after US:SOFTBANK:SoftBank sold its entire $5 billion stake. Other AI-linked firms—US:MU:Micron Technology (-5%), US:ORCL:Oracle (-2%), and US:PLTR:Palantir Technologies (-1%)—also declined. The US:XLK:Technology Select Sector SPDR Fund lost about 1%.
US:AAPL:Apple | US:AMAT:Applied Materials | US:FICO:Fair Isaac | US:NVDA:Nvidia
Technology shares diverged from the broader SGX:S27.SI:S&P 500, dropping 0.5%. US:AMAT:Applied Materials and US:NVDA:Nvidia led declines over 3%, while US:AAPL:Apple and US:FICO:Fair Isaac posted gains exceeding 2%.
US:AMD:Advanced Micro Devices
US:AMD:Advanced Micro Devices CEO Lisa Su projected 35% annual sales growth driven by soaring AI chip demand. The firm’s data center AI business could expand 80% yearly through 2027, potentially reaching tens of billions in sales and achieving double-digit AI chip market share.
US:CART:Maplebear (Instacart)
US:CART:Maplebear, Instacart’s parent, jumped 6% after Q3 results beat estimates, marking its best day in six months. US:BMO:BMO Capital Markets upgraded the stock to “outperform,” citing strong grocery market fundamentals.
US:VSAT:Viasat | US:JPM:JPMorgan
US:JPM:JPMorgan upgraded US:VSAT:Viasat to “overweight,” raising its target to $50 amid expectations for a spin-off of its defense and advanced technologies segment. CEO Mark Dankberg said the company is weighing separation benefits but gave no timeline.
US:AIRLINES:Major US Airlines | US:FAA:Federal Aviation Administration
Airlines warned flight disruptions would continue despite the Senate’s passage of a bill to end the government shutdown. The US:FAA:Federal Aviation Administration announced 10% flight reductions at 40 airports due to staffing shortages during the shutdown.
US:GOVT:US Government
The Senate approved a bill to reopen the government, excluding Democrats’ bid to extend Affordable Care Act subsidies. Political polarization remains a concern, prompting investors to favor higher-quality equities.
💥 Wilmar’s $860M AWL Deal, Bitcoin’s Struggles, and Global Corporate Shake-ups Define the Week
SGX:F34.SI:Wilmar International | IN:AWL:Adani Wilmar Limited
Wilmar International is acquiring 13% of Adani Wilmar Limited for INR46.5 billion (US$860 million) via its unit Lence. The purchase, at INR275 per share, will raise Wilmar’s stake to 56.94%. Wilmar expects a US$1.16 billion gain from the deal, though it will also recognize a US$0.42 billion negative net tangible asset from AWL. The acquisition will be funded through internal sources and bank borrowings, with completion due in November 2025.
US:BTC:Bitcoin
Bitcoin remains weak after its early November slip, struggling below US$105,000 despite briefly topping US$107,000. Open interest in perpetual futures has fallen to US$68 billion, well below the US$94 billion peak last month, signaling fading momentum. ETF inflows are stagnant, and Bitcoin trades under its 200-day moving average at US$110,000. Analysts note continued profit-taking by large holders, keeping crypto sentiment cautious amid weak institutional inflows.
SGX:STNE.SI:Stoneweg Europe Stapled Trust (SERT)
Stoneweg Europe Stapled Trust has divested its entire Slovakian logistics portfolio for US$107.9 million — a 3.5% premium to book value. CEO Simon Garing said the sale nearly completes SERT’s €400 million capital recycling program, lowering gearing below 40%. SERT has offloaded €411 million in non-core assets since 2022, extending debt maturity to 2030 and improving balance sheet flexibility for future acquisitions.
SGX:OXMU.SI:Prime US REIT
Prime US REIT reported an 80.7% portfolio occupancy as of Sept 30 and a WALE of 4.9 years. In 3QFY2025, it secured 92,000 sq ft in leases, and 492,000 sq ft year-to-date. The REIT raised US$25 million via private placement and plans to increase its payout ratio from 10% to 50% in 2HFY2025 as lease commencements in 2026 boost income.
SGX:P34.SI:Delfi Limited
Delfi Limited posted US$10.2 million EBITDA for 3QFY2025, up 16.3% y-o-y, with net sales rising 6.1% to US$124.8 million. Growth was driven by stronger sales in Indonesia, Malaysia, and the Philippines. However, 9MFY2025 EBITDA fell 17.1% due to weaker margins from higher promotions and a softer rupiah. Delfi remains cautious amid global economic headwinds.
SGX:5NV.SI:Chasen Holdings
Chasen Holdings secured S$70.8 million in new projects, mainly through its specialist relocation segment, including contracts in Ohio and Kansas supporting EV battery manufacturing. Other projects span Singapore, Penang, and China. The firm’s technical and engineering units also landed S$16.3 million in Singapore projects, bolstering its regional portfolio.
SGX:5MO.SI:Mooreast Holdings
Mooreast Holdings signed a letter of intent with Timor-Leste’s Ministry of Public Works to develop up to 500MW of renewable energy capacity. The company will conduct a 12-month feasibility study before formalizing a project development agreement in 2026. The plan includes potential joint ventures, green financing, and long-term power purchase agreements for floating solar, wind, and hydro projects.
SGX:BMGU.SI:BHG Retail REIT
BHG Retail REIT reported a committed occupancy rate of 94.2% and a WALE of 2.3 years as of Sept 30. Borrowings totaled S$304.9 million with gearing at 42% and an average debt cost of 4.4%. The REIT says it will remain focused on proactive portfolio management and growth opportunities.
SGX:S61.SI:SBS Transit
SBS Transit reported a 3QFY2025 net profit of S$14.45 million, down 20.6% y-o-y, and 9MFY2025 profit of S$51.91 million, down 12.3%. Revenue dropped 2.4% to S$386.45 million due to lower bus service fees from the loss of the Jurong West package. However, ridership improved, with NEL up 3.8% and DTL up 1.4% y-o-y. Lower fuel and electricity costs offset higher staff expenses.
US:PARA:Paramount Skydance Corp | US:WBD:Warner Bros Discovery Inc | US:CMCSA:Comcast Corp | US:NFLX:Netflix
Paramount Skydance Corp raised its cost-cutting target to US$3 billion and announced 1,600 additional layoffs after merging with Skydance Media. CEO David Ellison aims to release 15 films annually by 2026 while investing in Paramount+ and UFC content. Paramount is pursuing an acquisition of Warner Bros Discovery Inc but faces competition from Netflix and Comcast. The restructuring, expected to complete by 2027, will cost up to US$1.3 billion.
🌏 CapitaLand’s $90M Australia Exit, Straits Trading’s Cromwell Deal & China’s Tight Debt Grip — Asia’s Major Market Moves
SGX:A17U.SI:CapitaLand Ascendas REIT
CapitaLand Ascendas REIT (CLAR) plans to divest its logistics property at 95 Gilmore Road, Queensland, for $90 million. The sale price represents a 9.5% premium over its market valuation and 17.2% above its 2015 purchase cost. With this, CLAR’s FY2025 divestments total $498 million, aligning with its disciplined capital recycling strategy. Proceeds of $83.4 million will fund new investments, debt repayment, and working capital needs. Completion is expected in 4QFY2025, after which CLAR will own 228 properties across Singapore, Australia, the US, and Europe.
SGX:S20.SI:Straits Trading Company | AU:CMW:Cromwell Property Group
Straits Trading Company is divesting a 19.9% stake in its Australian industrial portfolio to Cromwell Property Group for A$47.6 million. Cromwell will also acquire Terre Property Partners—the manager of the portfolio—for A$1.7 million. The deal marks Phase 1 of a broader strategic partnership aimed at expanding their industrial and logistics platform in Australia. Phase 2 will involve recapitalisation with new investors by 2026. The portfolio includes seven industrial assets in South Australia and Victoria, with tenants such as Coca-Cola Europacific Partners, Incitec Pivot, and Wengfu.
HK:0001.HK:National Development and Reform Commission (NDRC)
China’s National Development and Reform Commission has tightened criteria for state-owned enterprises to raise offshore debt, targeting profitability and core business focus. The move is part of Beijing’s campaign to control regional debt risk and financial strain among weaker state-owned firms. The restrictions affect local government financing vehicles and non-industrial SOEs, limiting their ability to borrow abroad. China’s Ministry of Finance estimates hidden local government debt at 10.5 trillion yuan, while the IMF places broader liabilities at over 80 trillion yuan.
HK:3988.HK:People’s Bank of China
The People’s Bank of China pledged to expand the yuan’s role as a global funding currency through panda bonds, offshore yuan loans, and trade finance. The central bank’s latest report outlines efforts to improve offshore yuan liquidity, with total yuan debt funding to overseas issuers reaching 1.4 trillion yuan last year. Countries such as Hungary, Kazakhstan, and Kenya have already tapped yuan financing for infrastructure projects, while Hong Kong, Turkey, and South Korea continue using bilateral currency swap lines.
HK:3988.HK:State Council of China
China’s State Council unveiled 13 new measures to encourage private investment across state-dominated sectors like railways, oil pipelines, and communications. Private firms can now hold over 10% equity in qualified projects. The policy aims to revitalize private capital participation, which contributes over 60% of China’s GDP and 80% of urban employment. The government also plans to support small and medium enterprises with procurement advantages and relaxed bidding requirements, tapping a 500 billion yuan policy financing tool to bolster equity in key projects.
SGX:U96.SI:Sembcorp Industries | IN:SJVN:SJVN Limited
Sembcorp Industries, through its renewables unit, has won a 150MW firm and dispatchable renewable energy project from SJVN Limited in India. The project, comprising 750MW of solar and battery storage, will operate under a 25-year power purchase agreement. With this win, Sembcorp’s gross renewables capacity in India surpasses 7.6GW, reinforcing its presence in India’s green energy landscape. The company expects commercial operations within 24 months of signing.
KL:5267.KL:Oiltek International
Oiltek International posted RM9.5 million earnings for 3QFY2025, up 6.2% y-o-y, despite a 29.8% drop in revenue to RM47.4 million due to lower oil refinery sales. Gross profit margins improved to 37.1%. For 9MFY2025, earnings climbed 22.9% to RM23.7 million, with margins lifted by stronger refinery performance. The company remains optimistic about rising global fats and oils demand, and anticipates further growth from its renewable energy division as biodiesel blending expands in Malaysia and Indonesia.
💼 Malaysia Market Highlights: Hartalega Doubles Profit, LBS Bina Sells Land, and Cape EMS Expands with Maybank Support
KL:5168.KL:Hartalega Holdings Bhd
Hartalega Holdings reported its net profit more than doubled to RM18.3 million for 2QFY2025, driven by effective cost control and hedging gains. Revenue, however, slipped 17% year-on-year to RM539.66 million due to lower sales volumes and weaker export receipts. No dividend was declared for the quarter. The glove maker expects steady demand recovery going forward.
KL:7197.KL:Ge-Shen Corp Bhd
Ge-Shen Corp posted a 70% rise in 3QFY2025 net profit to RM5.32 million, supported by strong performance from its 40%-owned subsidiary, Local Assembly Sdn Bhd. Revenue surged 61% year-on-year to RM109.48 million, boosted by cost discipline and improved production efficiency. No dividend was declared.
KL:0089.KL:Tex Cycle Technology (M) Bhd
Tex Cycle Technology saw its 3QFY2025 net profit decline 6% to RM2.26 million, despite a 67% revenue jump to RM17.71 million. The drop was attributed to higher resource allocation in its waste treatment operations following the acquisition of a new subsidiary. No dividend was declared.
KL:5789.KL:LBS Bina Group Bhd
LBS Bina Group is selling two vacant land parcels in Johor Bahru for RM110 million to focus resources on Klang Valley projects. The 8,200-square-metre properties on Jalan Dato’ Dalam were acquired between 2013 and 2014 and are located near the CIQ Complex and Persada Johor Convention Centre.
KL:7161.KL:Kerjaya Prospek Group Bhd
Kerjaya Prospek Group secured two related-party construction contracts worth RM197.7 million. The deals include a RM100.2 million apartment project in Shah Alam from KL:0159.KL:Kerjaya Prospek Property Bhd and a RM97.5 million canal bridge project on Andaman Island, Penang, from KL:3417.KL:Eastern & Oriental Bhd.
KL:5120.KL:Amanahraya Real Estate Investment Trust
Amanahraya REIT plans to set up a RM2 billion medium-term note programme to refinance borrowings and fund capital expenditure and working capital. The perpetual tenure programme will give the REIT flexibility to issue notes as needed to strengthen its capital position.
KL:5310.KL:Cape EMS Bhd | KL:1155.KL:Malayan Banking Bhd
Cape EMS secured financing under Malayan Banking’s Johor–Singapore Economic Zone initiative to fund expansion projects including battery storage assembly. The company was among five Johor-based firms receiving a collective RM120 million in financing. The specific loan amount to Cape EMS was not disclosed.
KL:1023.KL:CIMB Group Holdings Bhd | KL:5305.KL:Vantris Energy Bhd
CIMB Islamic Bank, a subsidiary of CIMB Group Holdings, disposed of a 2.96% stake in Vantris Energy, reducing CIMB and Khazanah Nasional Bhd’s indirect holdings to 9.139%. The sale of 67.73 million shares was part of the settlement of liabilities for Vantris subsidiary Sapura TMC Sdn Bhd.
KL:0278.KL:Solar District Cooling Group Bhd
Solar District Cooling Group was reprimanded by Bursa Malaysia Securities for breaching the ACE Market public shareholding spread rule before its listing. The company’s allocation of additional shares to a non-public shareholder reduced the public float below the 25% requirement.
KL:5071.KL:Coastal Contracts Bhd
Coastal Contracts and its client have mutually terminated a RM12.8 million liftboat charter deal after the vessel failed to meet technical standards during pre-deployment inspection. The termination agreement was signed on November 10, with both parties agreeing not to proceed further.
🔥 XPeng Soars 15% as HSI Slips; XL2CSOPNVDA-U Tops ETF Gainers — Midday Market Pulse
HK:7302.HK:XL2CSOPNVDA-U
XL2CSOPNVDA-U, the Nvidia-linked leveraged ETF, surged 6.4% at midday, topping Hong Kong’s list of ETF gainers. The strong performance came as investors rotated back into AI and semiconductor-related assets, following renewed optimism in U.S. chip stocks.
HongKong:3115.HK:Hangseng Index | HK:9868.HK:XPENG-W | HK:9988.HK:Alibaba Group Holding Ltd | HK:9618.HK:JD.com Inc
The Hangseng Index slipped 53 points to 26,595 at midday, while the Hang Seng Tech Index lost 14 points to 5,900. XPENG-W rallied 15%, leading gains among tech counters, even as Alibaba Group and JD.com remained weak. Investor sentiment was mixed, with property and financial stocks showing resilience despite broader index softness.
CN:000001.CN:China State Taxation Administration
Chinese investors have reportedly been asked to pay additional personal income taxes on overseas investment earnings from 2022 and 2023. The measure underscores Beijing’s continued effort to tighten compliance on offshore income reporting amid capital control initiatives.
HK:0896.HK:Hanison Construction Holdings Ltd
Hanison Construction Holdings reported a widened interim loss of HK$275 million. The company said modifications to the design of its So Kwun Wat property development project are underway as part of ongoing adjustments to its business strategy.
HK:6196.HK:FE CONSORT INTL
FE CONSORT International entered into a term sheet for a potential sale of property rights for the Ritz Carlton Hotel in Australia, involving an initial payment of about US$100 million. The disposal aligns with the firm’s focus on rebalancing its international property portfolio.
HK:0005.HK:HSBC Holdings | HK:1299.HK:AIA Group | HK:1113.HK:CK Asset Holdings | HK:1288.HK:Agricultural Bank of China | HK:0119.HK:Poly Property Group
Among blue-chip gainers, HSBC Holdings, AIA Group, CK Asset Holdings, Agricultural Bank of China, and Poly Property Group all hit new highs. Their advances helped cushion the decline in the broader market, reflecting continued investor appetite for financial and property plays despite macro uncertainties.
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