Singapore shares rise even as exports in May fall; STI up 0.6%
[SINGAPORE] Shares on the local bourse ended higher on Tuesday (Jun 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 edged out decliners 275 to 210, after 1.2 billion securities worth S$993.8 million were traded.
The top gainer on the STI was CapitaLand Integrated Commercial Trust (CICT) , which rose 1.9 per cent or S$0.04 to S$2.17.
Telco giant Singtel was the biggest decliner, slipping 0.5 per cent or S$0.02 to S$3.93.
The trio of local banks finished in positive territory. DBS rose 0.7 per cent or S$0.30 to S$44.46, UOB edged up 0.4 per cent or S$0.13 to S$34.95, and OCBC climbed 0.4 per cent or S$0.07 to S$16.09.
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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 declined 0.6 per cent, and Australia's ASX 200 edged down 0.1 per cent. In contrast, South Korea's Kospi inched up 0.1 per cent, while Japan's Nikkei 225 gained 0.6 per cent.
In Singapore, data released on Tuesday showed that its latest non-oil domestic exports (NODX) print reversed from the preceding month's 12.4 per cent jump and disappointed 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 outturn in May did not come as a huge surprise given that there was some evidence that export activity to trading partners were slowing, such as the month-on-month contraction in South Korea's and Taiwan's imports from Singapore for the month of May.'
In light of the weaker showing, UOB adjusted its full-year 2025 NODX forecast downward to a range of 1 to 3 per cent growth, from the earlier projection of 2 to 4 per cent growth, to reflect recent developments.
The bank noted reduced confidence in its projections, citing a fluid situation and heightened market attention on the potential impact of 'new' unilateral tariff rates.
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'.
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