Market View: Singapore hikes ABSD for residential properties; UOB’s net profit up 67% yoy; CDL, UOL Group, GuocoLand and Oxley Holdings stocks tumble; NASDAQ gained on Meta’s earnings beat

Singapore shares fell this morning, following hikes in Additional Buyer Stamp Duty (ABSD) rates for residential properties. In early trade, the Straits Times Index (STI) fell 0.5 per cent to 3,276.95 points after 101.5 million securities changed hands in the broader market.  In terms of companies to watch, we have UOB, after the bank reported net profit of S$1.5 billion for the first quarter ended March, up 67 per cent from Q1 2022.  Meanwhile, investors in Singapore are also tracking property counters, which were largely in the red after authorities raised the ABSD rate for foreigners buying any residential property from 30 per cent to 60 per cent – the highest increase. The rate will be raised from 17 per cent to 20 per cent for Singapore citizens buying their second residential property, and from 25 per cent to 30 per cent for those buying their third and subsequent property. On Market View, the Drive Time team unpacked these developments with David Chow, Director Azure Capital.See omnystudio.com/listener for privacy information.