Market unfazed by exports slump

JUDGING from Singapore's non-oil domestic exports reading for June, the global tech manufacturing slowdown is certainly weighing heavily on the economy.

But on Wednesday, investors appeared mostly unfazed, with the local benchmark little moved for most of the day with the exception of a late bump-up. The Straits Times Index (STI) closed up 4.84 points or 0.14 per cent at 3,364.87.

Non-oil domestic exports fell 17.3 per cent year-on-year in June, more than the Bloomberg consensus median estimate of a 9.6 per cent contraction. This follows last Friday's disappointing advanced estimate for Q2 economic growth, which clocked in at 0.1 per cent year-on-year.