Singapore Daily Briefing

Sea Group closed at USD 87.29, shedding USD 1.67 in a session that saw zero tech gainers on the Singapore-linked roster. The move extends a three-week pattern of profit-taking in SEA internet names as investors reassess valuations against slowing e-commerce growth in Indonesia and Thailand. With no catalyst on the horizon—earnings aren't due until early June—expect continued pressure if the Tech/Internet sector can't reclaim the -1% threshold next week.

Uber is reportedly in talks to acquire Delivery Hero, a move that would consolidate its food-delivery footprint across Europe and Asia and directly threaten DoorDash's international expansion. For Singapore investors, this matters: Delivery Hero owns Foodpanda, a key player in SEA markets where Grab competes. A successful Uber-Delivery Hero tie-up could squeeze Grab's take-rate and market share in Singapore, Malaysia, and the Philippines. Grab's -1.12% drop today may already be pricing in competitive risk.

JD.com and Alibaba fell 2.99% and 1.10% respectively, weighed down by headlines of a coal mine disaster killing at least 90 in China and ongoing Iran conflict pressuring oil supply chains. While neither company has direct exposure to energy, the macro read is clear: risk appetite for China-linked equities is fragile. Singapore portfolios with heavy China ADR or H-share allocations should watch Monday's Shanghai open—if the CSI 300 gaps down, expect another leg lower in JD and BABA.