Singapore stocks flat as lacklustre manufacturing output hurts sentiment; STI down 0.01%
THE Straits Times Index (STI) edged down 0.01 per cent or 0.33 points to 3,207.39 on Friday (May 26).
Across the broader market, losers beat gainers 179 to 173 after 920.4 million securities worth S$835.6 million changed hands.
In a macro note on Friday, UOB senior economist Alvin Liew noted that Singapore’s industrial production in April had contracted more than forecast.
Economic Development Board figures showed that manufacturing output in April declined 6.9 per cent year on year and 1.9 per cent month on month.
Liew noted that this was the seventh consecutive month of year-on-year decline and the worst streak since 2015.
“While we are heartened by the continued growth in the transport engineering components of aerospace and marine and offshore, the latest April industrial production print continues to affirm our downbeat manufacturing outlook due to the worsening electronics down cycle and weaker external demand,” he said, adding that he maintains his forecast for Singapore’s 2023 manufacturing to contract by 5.4 per cent.
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Keppel DC Reit : AJBU 0% was the biggest gainer, gaining 2.5 per cent or S$0.05 to S$2.09.
Singtel : Z74 0% was at the bottom of the table, shedding 2.4 per cent or S$0.06 to S$2.47. The trio of banks was mixed on Friday. DBS : D05 0% gained 0.1 per cent or S$0.02 to S$31.62, while OCBC : O39 0% closed flat at S$12.25 and UOB : U11 0% shed 0.1 per cent or S$0.03 to S$28.13.
Regional indices were in the black on Friday. South Korea’s Kospi rose 0.2 per cent while Japan’s Nikkei 225 rose 0.4 per cent and the Kuala Lumpur composite index gained 0.04 per cent.
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