Stocks index up 4.5% in June as exports surge, inflation cools

Non-oil domestic exports expanded 38.4% year on year in May.

The MSCI Singapore Free SGD Index (SIMSCI) closed at 480.06 points, up 20.49 points, or 4.46% month on month (MoM), lifted by resilient US economic data and a tech-driven rally on Wall Street.

The city’s non-oil domestic Exports (NODX) expanded 38.4% year on year (YoY) in May, beating Bloomberg's consensus estimate of about 31% and accelerating from April's 24.4% increase.

Electronics exports jumped 94% YoY, driven by integrated circuits (+80.9%), disk media products (+227.8%), and personal computers (+140.9%).

Meanwhile, non-electronics NODX rose 17.7% YoY, led by pharmaceuticals (+102.6%), specialised machinery (+66.9%), and non-monetary gold (+83.2%).

Core inflation held flat at 1.4% YoY in May, below the roughly 1.6% consensus forecast, as softer services inflation offset higher food and retail prices.

June headline inflation came in at 1.8% YoY, unchanged from May and below expectations, with declining services inflation offsetting higher private transport and accommodation costs.

New private home sales fell 68.8% MoM in May on a thinner slate of project launches, per Urban Redevelopment Authority data.

Overall condo rents dropped 0.6% MoM, whilst rental volumes fell 9.8% MoM.

Manufacturing, Internet, and Finance led sector performance in June. However, Healthcare and Capital Goods lagged.

Institutional investors were net buyers of Singapore equities for four consecutive weeks, with Financials drawing the largest inflows, whilst Telcos and Developers saw outflows.

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