November 2019 Wrap-Up - CGS-CIMB Research 2019-12-02: Singapore In 5 Mins

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November 2019 Wrap-Up - Singapore In 5 Mins




US-China trade relations dominate, 2019 GDP forecast floor raised

  • The FSSTI fell 35.96pts, down 1.1%, to close Nov at 3,193.92pts. See Performance of Straits Times Index (STI) Constituents in November 2019.
  • Global markets continue to be roiled by US-China trade relations. The recent signing of the Hong Kong Human Rights Bill, adding to the other accusations of human rights abuses by China, is likely to complicate the trade discussions.
  • Singapore’s Ministry of Trade and Industry has revised its official full-year growth forecast for 2019 from 0.5% to 1%, up from 0.0% to 1% in 2Q19 (we forecast GDP growth of 0.5% in 2019) Singapore’s NODX continued to decline (-12.3% y-o-y in Oct vs. -8.1% y-o-y in Sep), dragged down by persistent weakness in electronics and a downturn in the non-electronics segment.
  • There was a bright spark in the form of an unexpected 4% y-o-y rise in manufacturing output for Oct, boosted by the Biomed, General and Precision engineering segments.
  • According to Urban Redevelopment Authority (URA) data, developers sold 928 private homes in Oct, (-27% m-o-m, but +85% y-o-y). Data from the Singapore Real Estate Exchange (SRX) showed an increase in the resale prices of condos (0.8% m-o-m, 2% y-o-y), with all regions experiencing rises; led by the core central region (CCR) at 1%, followed by the outside central region (OCR) and city fringes at 0.8% and 0.7% respectively.




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LIM Siew Khee CGS-CIMB Research | https://www.cgs-cimb.com 2019-12-02
SGX Stock Analyst Report ADD MAINTAIN ADD 4.150 SAME 4.150
ADD MAINTAIN ADD 1.000 SAME 1.000
ADD MAINTAIN ADD 0.730 SAME 0.730



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