Manufacturing and transport weather market decline as exports surge

NODX rose 46.2% year-on-year in August.

Singapore's manufacturing, transport and capital goods sectors proved the most resilient during a broad market decline in September 2026, even as the country's export performance significantly outpaced forecasts, according to a CGS International research note.

The MSCI Singapore Free Index fell 1.5% month-on-month to close at 533.85 points in September, with all sectors recording declines.

Manufacturing, transport and capital goods held up best, whilst healthcare, consumer and internet stocks saw the steepest falls.

Institutional investors were net sellers for four consecutive weeks, offloading developers, REITs, utilities and telcos, whilst buying financials and technology.

Retail investors moved in the opposite direction, adding financials, industrials, REITs and telcos while selling technology.

The sector resilience came against a backdrop of strong export momentum.

Singapore's non-oil domestic exports rose 46.2% year-on-year in August, above analyst forecasts, driven by a 131.8% surge in electronics shipments.

Disk media products led the expansion at 290.2%, followed by personal computers at 237.9% and integrated circuits at 90.9%.

Non-electronic exports also grew 12% year-on-year, supported by specialised machinery, non-monetary gold and medical apparatus.

Inflation remained contained, with headline inflation at 2.3% year-on-year and core inflation at 2% in August, both in line with forecasts. CGS said sustained higher food and energy prices drove core inflation, whilst slower private transport costs provided a partial offset.

Private home sales fell sharply in August, down 92.9% year-on-year and 79% month-on-month, reflecting the traditional lunar seventh month slowdown and the absence of new project launches.

Sale prices edged down 0.3% month-on-month on lower volumes, whilst rents held steady.