Singapore shares rise even as exports in May fall; STI up 0.6%
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Across the broader market, advancers edged out decliners 275 to 210, after 1.2 billion securities worth $993.8 million were traded.
PHOTO: ST FILE
Ranamita Chakraborty
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SINGAPORE - Shares on the local bourse ended higher on June 17, even as Singapore’s key exports declined 3.5 per cent year on year in May, reversing sharply from April’s surge.
The benchmark Straits Times Index (STI) rose 0.6 per cent, or 22.18 points, to close at 3,930.64.
Across the broader market, advancers beat decliners 275 to 210, after 1.2 billion securities worth $993.8 million were traded.
The top gainer on the STI was CapitaLand Integrated Commercial Trust, which rose 1.9 per cent, or four cents, to $2.17. Telco giant Singtel was the biggest decliner, down 0.5 per cent, or two cents, to $3.93.
The trio of local banks finished in positive territory. DBS Bank rose 0.7 per cent, or 30 cents, to $44.46, UOB edged up 0.4 per cent, or 13 cents, to $34.95, and OCBC Bank climbed 0.4 per cent, or seven cents, to $16.09.
Elsewhere in Asia, markets ended on a mixed note. Hong Kong’s Hang Seng Index slipped 0.3 per cent, Malaysia’s FTSE Bursa Malaysia KLCI fell 0.6 per cent, and Australia’s ASX 200 fell 0.1 per cent. But South Korea’s Kospi rose 0.1 per cent, while Japan’s Nikkei 225 gained 0.6 per cent.
Data released on June 17 showed Singapore’s latest non-oil domestic exports (Nodx) figures reversed from the previous month’s 12.4 per cent jump, disappointing market expectations of 7.8 per cent growth.
Exports to most major trading partners declined, with both electronics and non-electronics shipments weakening.
The data suggests some softening in earlier front-loading activity, noted UOB’s global economics and markets research team in a report.
The bank’s associate economist Jester Koh wrote: “The sluggish Nodx out-turn in May did not come as a huge surprise, given there was some evidence export activity to trading partners was slowing, such as the month-on-month contraction in South Korea and Taiwan’s imports from Singapore for the month of May.”
In the light of the weaker showing, UOB adjusted its full-year 2025 Nodx forecast downwards to a range of 1 per cent to 3 per cent growth, from the earlier projection of 2 per cent to 4 per cent growth, to reflect recent developments.
It noted reduced confidence in its projections, citing a fluid situation and heightened market attention on the potential impact of “new” unilateral tariff rates.
Mr Koh also cautioned that the payback from earlier front-loading could result in “a more protracted downturn in trade activity” in the second half of 2025, while “escalating geopolitical tensions in the Middle East could further dampen business and consumer confidence”. THE BUSINESS TIMES
