Singapore stocks rise on Friday despite muted export growth; STI up 0.2%

THE Straits Times Index (STI) rose 0.2 per cent or 6.69 points to close at 3,071.23 points on Friday, even as Singapore's export growth for August missed analysts' forecasts and weighed on investor confidence.

Decliners outnumbered advancers 251 to 248, with 2.86 billion shares worth S$2.62 billion changing hands.

Oanda senior market analyst Jeffrey Halley believes the weaker economic data has offset positivity from the announcement of a governmental package to encourage Singapore unicorns to list on the Singapore Exchange, instead of seeking the initial public offering riches of Wall Street.

"Singapore's non-oil exports has disappointed today, falling by 3.60 per cent month-on-month in August, led by falls in pharmaceuticals," Mr Halley said. "Concerns that Singapore's recovery might be slowing, a club that seems to get bigger by the week, is weighing on local equities."

The top performers among the STI constituents were the trio of Mapletree real estate investment trusts. Mapletree Industrial Trust gained 2.5 per cent or S$0.07 to S$2.92, while Mapletree Logistics Trust and Mapletree Commercial Trust were both up 1.4 per cent or S$0.03 to close at S$2.11 and S$2.12, respectively.

At the bottom of the table was Hongkong Land, which fell 2.8 per cent or US$0.13 to end at US$4.53.

The most heavily traded counter on Singapore's blue-chip index was Singapore Telecommunications, with 65.2 million shares traded. Singtel ended up 1.3 per cent or S$0.03 at S$2.43.

The trio of local banks also closed higher. DBS was up 0.6 per cent or S$0.17 to S$30.25; UOB gained 0.8 per cent or S$0.20 to close at S$25.76; and OCBC closed 0.3 per cent or S$0.03 higher at S$11.63.

Most Asian markets steadied on Friday after losses earlier in the week. The Hang Seng Index rose 1.0 per cent or 252.91 points to 24,920.76 on Friday, bringing an end to a four-day losing streak. The Nikkei 225 index rose 0.6 per cent or 176.71 points to close at 30,500.05. The Kospi closed up 0.3 per cent or 10.42 points at 3,140.51; and the Jakarta Composite Index climbed 0.4 per cent or 23.30 points to 6,133.25. But the FTSE Bursa Malaysia KLCI fell 0.4 per cent or 6.75 points to 1,548.51.