15 March 2023
Market View: Banking stocks on the mend after fallout from SVB’s collapse; Ho Bee Land’s sale of industrial properties; Wing Tai’s profit warning; Meta cutting 10,000 jobs; OpenAI to come up with GPT-4; Possibility of TikTok splitting from ByteDance; US to release chip-sending guardrails; US CPI up 6% you and prospects of a 25bps rate hike in March
Singapore shares began the day on a healthy footing, as banking stocks swung back into the green after yesterday’s declines.
The Straits Times Index gained 1.3 per cent to 3,169.99 points in early trade after 54.4 million securities changed hands.
Some notable names seeing new developments include real estate company Ho Bee Land, which is selling two of its industrial properties to an unrelated third party for S$115 million.
Elsewhere, the global tech sector continues to make the headlines for a number of reasons.
Tech giant Meta is cutting 10,000 jobs in its second round of layoffs, TikTok is discussing the possibility of separating from its Chinese parent company ByteDance, while OpenAi unveiled GPT-4, that can perform well on a range of standardised tests.
On Market View, the Drive Time team unpacked the developments with Toby Gresham , Investment Counselor Team Lead, Citi Private Bank.

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