Singapore stocks rise 0.2% on Friday as exports surge; palm oil counters slide
Yangzijiang Shipbuilding leads the gainers on the STI, rising 3.6% to S$5.21
Singapore's benchmark Straits Times Index (STI) rose 0.2 percent on Friday (Oct 16), driven by a stronger-than-expected surge in non-oil domestic exports (NODX). The index closed at 5,415.53 points. Yangzijiang Shipbuilding led the gainers on the blue-chip index, climbing 3.6 percent or S$0.18 to S$5.21. The weakest performer among the STI constituents was Jardine Matheson, which dropped 4.2 percent or US$2.46 to US$55.58.
Among local banks, DBS gained 0.5 percent, OCBC edged up 0.03 percent, while UOB fell 0.2 percent. The NODX surged 68.4 percent year-on-year in September, outpacing the 32.2 percent consensus forecast. Palm oil producers faced pressure following comments from Prime Minister Lawrence Wong on investigating countries responsible for haze-causing fires, under the Transboundary Haze Pollution Act.
First Resources, Bumitama Agri, and Golden Agri-Resources saw significant declines. Regional indices were mixed, with Hong Kong's Hang Seng Index up 0.5 percent, Japan's Nikkei 225 rising 1.4 percent, and South Korea's Kospi climbing 2.1 percent.
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