Singapore Market June 2021 Wrap Up - CGS-CIMB Research 2021-06-30: Singapore In 5

KIMLY LIMITED (SGX:1D0) | SGinvestors.io KIMLY LIMITED (SGX:1D0) SINGAPORE PRESS HLDGS LTD (SGX:T39)

Singapore Market June 2021 Wrap Up - Singapore In 5




Economic data still positive; property market continues its run in June 2021

  • The FSSTI closed Jun at 3,130.46 points, down 33.82 points (-1.08% m-o-m), as Singapore exited ‘Heightened Alert’ COVID-19 measures mid-month. Global markets, however, got a boost as the US looks to pass a massive US$1 trillion infrastructure plan.
  • May 2021 non-oil domestic exports (NODX) rose 8.8% y-o-y, but down 0.1% m-o-m seasonally adjusted (SA). Electronic exports rose 11% y-o-y, driven by integrated circuits, diodes & transistors, and telecommunication equipment. Non-electronic exports grew 8.1% y-o-y, thanks to expansion in specialised machinery, and petrochemicals & chemicals. Manufacturing rose 30% y-o-y, and 7.2% m-o-m SA, with growth across all clusters, especially electronics, precision engineering, and biomedical manufacturing.
  • Headline inflation for May was +2.4% y-o-y, excluding private transport and accommodation costs; core CPI was a much lower +0.8% y-o-y.
  • According to Urban Redevelopment Authority (URA) data, May 2021 home sales fell 29.7% m-o-m (due to “Heightened Alert’ COVID-19 restrictions), but up 83% y-o-y. Singapore Real Estate Exchange’s (SRX) May data show HDB resale prices rose 0.9% m-o-m, while prices of resale condos rose 0.3% m-o-m. Rents also rose 7.7% y-o-y for condos, and 7.9% y-o-y for HDBs in May. See also report: Property Development & Inventory - CGS-CIMB Research 2021-06-10: Increasing Residential Land Supply


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Technical Perspective

  • The FSSTI continued to trade sluggishly in Jun, falling 1.08% m-o-m. Nevertheless, with the weakness leading to a retest of the 3,100 support, the relentless buying pressure near the 3,100 level recently suggesting that the uptrend remains firmly intact.
  • Notably, the sharp bullish reversal on 30 Jun formed a significant bullish price action, signalling the resumption of the uptrend.
  • In fact, that the FSSTI also bounced off the uptrend line at the same time was another sign of strength. Therefore, we expect the FSSTI to trend higher to target the 3,280 resistance over the coming weeks.
  • If any weakness reappears, the near-term support at 3,060-3,100 points will likely act as a floor, keeping the uptrend intact.





LIM Siew Khee CGS-CIMB Research | Jeremy NG Choon Heng CGS-CIMB Research | https://www.cgs-cimb.com 2021-06-30
SGX Stock Analyst Report ADD MAINTAIN ADD 0.460 SAME 0.460
ADD MAINTAIN ADD 2.190 SAME 2.190



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