Local stock markets were boosted by Urban Development (CDL) and ST Engineering, and the Singapore Straits Times index rose 4.45 points, or 0.12%, to close at 3837.52 points on Thursday (March 13).

Meanwhile, major Asian stock markets generally fell, with Hong Kong, Shanghai, Tokyo, Seoul and Sydney closing down 0.58%, 0.39%, 0.079%, 0.046% and 0.45% respectively.

Dr. Han Wei, portfolio manager of Phillip Securities, said in an interview with Lianhe Zaobao that although the U.S. consumer price index released on Wednesday eased market concerns about economic data, US President Trump's steel and aluminum tariffs came into effect on Thursday and triggered a counterattack, causing investors to worry about the risks that the escalation of the trade war may bring to the global economy and stock markets.

“The uncertainty of the new president's policy has made some investors worried that the U.S. stock market has peaked and suppressed market sentiment.”

The Haixin Index rose against the trend. Dr. Han Wei believes that due to the low proportion of local technology stocks, it is less negatively affected by the decline in overnight US stocks. In addition, some investors have refocused on more stable and low-valuation real estate investment trusts, which provide certain support for the Haixin Index.

Urban Development (CDL) Executive Chairman Guo Lingming and his son Guo Yizhi settled, and the court process was successfully resolved before it even began. Investor confidence increased significantly, and the company's stock price rose 4% on Thursday.

Industrial Securities Research published a report saying that although the dispute between the father and son has been resolved, the company's omissions in corporate governance and differences in opinions from board members are still worthy of investors' attention.

“Although Urban Development’s current share price is 60% lower than its revaluation of net asset value (RNAV), we expect stock prices to fluctuate narrowly in the near future until investors’ concerns are resolved.”

Industrial Securities maintains its “buy” rating for urban development and a target price of 4.75 yuan.

The stock market traded 1.34 billion shares throughout the day, with a total transaction volume of 1.77 billion yuan. There were 247 stocks rising and 236 stocks falling.

The leading stocks of the Sea Index include Xinke Engineering, Jardinea Holdings (JMH) and Urban Development (CDL), which rose 3.65%, 3.21% and 3.04%, respectively, to close at 6.25 yuan, 43.46 US dollars (S$57.97) and 5.09 yuan.
Decline stocks DFI Retail Group (DFIRG), Yangzijiang Shipping Industry Corporation (Yangzijiang) and DBS Group (DBS), fell 1.32%, 1.29% and 0.81%, respectively, to close at US$2.25, RMB2.30 and RMB44.10.