The Star Online: Business |
- Singapore Aug non-oil exports beat forecasts
- Asian stocks up in early trade Friday
- Perodua to double exports
Singapore Aug non-oil exports beat forecasts Posted: 15 Sep 2011 07:09 PM PDT SINGAPORE, Sept 16 (Reuters) Singapore's non-oil domestic exports (NODX) rose a better-than-expected 5.1 percent in August from a year ago as higher shipments of vessels, optical apparatus and disk media offset a contraction in electronics. International Enterprises Singapore (IE Singapore), the country's trade agency, released August non-oil domestic export (NODX) data on Friday The city-state's key exports rose a seasonally adjusted 8.3 percent from July on a month-on-month basis. Economists had predicted Singapore's non-oil domestic exports would edge up 0.5 percent month-month and fall 6.4 percent from a year ago. KEY POINTS (Percentage change, year on year): Month Aug Jul Jun May Apr Mar NODX 5.1 2.8 1.0 7.1 2.0 9.9 Electronics 19.4 16.9 17.2 15.2 10.5 13.8 Pharma 7.1 48.5 1.1 61.8 48.6 4.4 COMMENTARY: VISHNU VARATHAN, CAPITAL ECONOMICS "I think many would discount (Singapore's) August exports as monthtomonth moves. If you look at global PMIs, especially the new orders component, orders have dropped. Most other trends also point to the downside." "If you put aside vessels, electronics is contracting and is going to contract throughout the year." "There is a growing chance MAS would reduce the slope (of Sing dollar appreciation) to more normal levels. It's 34 percent now but there's a growing possibility that might be pushed back to 2 percent (annual appreciation)." LEONG WAI HO, ECONOMIST AT BARCLAYS CAPITAL "The betterthanexpected figures are coming from a few factors, not just pharmaceuticals rebounding (month-on-month), there were also some lumpy deliveries of oil rigs." "Electronics performed betterthanexpected, in line with a slight resurgence of U.S. demand, due to the August backtoschool demand." "The underlying trend is one of gradual pickup going into August. We're seeing the seasonal lift we always get this time of the year as we head into the Christmas season." "There' re some positive catalysts like the launch of the iPhone 5, which is scheduled for October. Mass production has started this week, so that will lift electronics." "However, recovery in electronics will not go into high gear given that we're seeing softer demand in the U.S. this time." "Singapore will probably escape a technical recession in Q3. But given that underlying momentum is slowing, we're still calling for MAS (Monetary Authority of Singapore) to ease on its tightening bias in October." IRVIN SEAH, ECONOMIST, DBS BANK SINGAPORE "This certainly is a surprise on the upside trend, beating perhaps the most optimistic forecast out there. So this will essentially reduce the chance of technical recession in Singapore." "Our central view is MAS will maintain the current policy stance although the downside risk to growth remains. Given the uncertainties in the developed economies, the chance of MAS loosening monetary policy should not be discounted as well." MARKET REACTION The Singapore dollar was trading at 1.2435 against the U.S. dollar at 0038 GMT versus 1.2449 before the announcement at 0030 GMT. LINK: To view the full tables, please go to the website of the government's IE Singapore at http://www.iesingapore.com |
Asian stocks up in early trade Friday Posted: 15 Sep 2011 06:55 PM PDT SINGAPORE, Sept 16 (Reuters) Asian stocks posted early gains on Friday, as the relatively stable euro ahead of a European finance ministers meeting reflected hopes for a big policy move to fight a debt crisis. (Markets in Malaysia were closed Friday for Malaysia Day holiday) Coordinated action by major central banks around the world to ensure European banks have access to dollar funding, at a time when some institutions have been shut out of shortterm lending markets, has raised speculation that policymakers may be ready to take more steps to hold the euro zone together. Weakness in Asian currencies as foreign investors kept taking profits on their regional bets and thin equity volumes, however, suggest investors remain sceptical the crisis can be solved with band aid efforts, such as providing emergency funds so banks can get through the year. "Obviously it's not a longterm solution, we need to see some resolution to the sovereign debt issue to give market confidence we'll have stronger growth over the mediumterm," said Spiros Papadopoulos, a senior market economist at National Australia Bank. "Certainly these policy measures will help improve confidence in the shortterm," he added. Japan's Nikkei was up 1.8 percent, climbing above a steep trendline formed off intraday highs in August and September. The rally may fizzle though ahead of a three-day weekend in Japan that may prompt some players to take profits, Hiroichi Nishi, general manager at SMBC Nikko Securities in Tokyo, said. "The market will likely be stronger in morning trade, and it may shed gains in the afternoon as investors remain cautious before the euro zone ministers' meeting on Friday and Saturday," he said. The benchmark MSCI index of Asia Pacific stocks outside Japan rose more than 2 percent , with gains mostly spread between technology and commodityrelated shares. The index has rebounded more than 4 percent from a 14month low hit on Wednesday. This week has seen hedge funds of all stripes and mutual funds selling Asian currencies at a rapid pace and the move continued on Friday in spite of the stable euro. The euro slipped 0.2 percent to $1.3850 though was actually up 1.9 percent on the week, with the swift move up through $1.3750 making traders nervous about opening bets against the currency ahead of the ECOFIN meeting and with the next Federal Reserve meeting on Sept 2021. The weakness in Asian currencies has spilled over to the Australian dollar because of the antipodean currency's use as a play on investor risktaking. The Australian dollar was down 0.2 percent to $1.0300 and has fallen 1.2 percent this week. Spot gold prices slid 0.5 percent to $1,779.79 an ounce, on course for the biggest weekly decline since May. The combination of resilient equities, a rebound in the euro and a bearish doubletop chart pattern in gold have combined to cast a shadow on the haven asset. - Taiwan stocks rose 1.47 percent on Friday, tracking regional bourses higher and with tech and financial heavyweights in the lead, as top central banks' coordinated action eased fears about the euro zone's debt crisis. The main TAIEX index was up 108.61 points at 7,494.29 at the opening bell, after a 2.17 percent rally in previous session. Banking and electronics shares jumped 2.97 percent and 1.59 percent, respectively. The Taiwan dollar gained by T$0.056 to T$29.579. - South Korea's main KOSPI share index was up 2.21 percent at 1813.22 points as of 0046 GMT. The index opened up 2.56 percent. The junior Kosdaq market rose 1.48 percent at 461.70 points. - Australian stocks pushed 2.1 percent higher in morning trade on Friday as coordinated central bank action worked to allay investors fears and prevent money markets freezing up in the wake of Europe's sovereign debt crisis. The market also found support from overseas action as U.S. stocks rose for the fourth straight day, with banks outperforming other sectors, while Tokyo shares were also up nearly 2 percent. Yet, even with gains made over the last several days the benchmark is on track for a second week of losses with a decline of 1.2 percent. "It's a very, very impressive start (for the day), I think this is about the third day in a row that we've looked pretty flash and we are continuing on the coat tails of what's going on in Europe, as we slavishly do," said Michael Heffernan, Strategist Austock Group "It's like trying to split hairs about which sectors are doing the best, because they are all doing well," he added Australia's top four banks followed overnight leads from the U.S., with Westpac up 3.3 percent to A$20.03 at 0130 GMT The benchmark S&P/ASX 200 index jumped 85.2 points, or 2.1 percent, to 4,158.1 by 0130 GMT. New Zealand's benchmark NZX 50 index rose 0.7 percent to 3,294.4 in morning trade. Sundance Resources rose 5.8 percent in early trade to A$0.46 after media reports that China's Hanlong Mining will continue with its A$1.3 billion bid, despite an investigation by the market regulator ASIC into alleged insider trading by Hanlong executives. Uranium producer Paladin Energy Ltd stocks gained 5.4 percent to A$1.65 at 0132 GMT after announcing production had restarted at its Kayelekera mine in Malawi as scheduled following upgrade work. Steelmaker OneSteel rose 6.4 percent. |
Posted: 15 Sep 2011 06:49 PM PDT KUALA LUMPUR: Perusahaan Otomobil Kedua Sdn Bhd (Perodua) is looking at a 100% year-on-year jump in car exports this year due to strong demand for its Myvi and Viva models. Managing director Datuk Aminar Rashid Salleh said the company would export 8,000 units this year compared with 4,000 in 2010. The Viva is expected to account for 52% of Perodua's total exports this year. "Our biggest export market is Sri Lanka, followed by Indonesia and the United Kingdom," Aminar said yesterday after launching the new 1.5-litre Myvi variants. Perodua expects to export 4,000 units to Sri Lanka and 3,000 to Indonesia this year. Aminar said exports to the United Kingdom would amount to between 600 and 700 units. "The remainder would go to markets such as Singapore, Mauritius, Fiji and Brunei," he added. The 1.3-litre Myvi, launched in mid-June, would be exported to Mauritius and Sri Lanka in October and November respectively. He reiterated that Perodua was on track to achieve exports of at least 20,000 units, in line with the company's five-year roadmap, by 2015 or 2016. Meanwhile, the new 1.5-litre Myvi variants are priced from RM50,900 to RM61,700. "With the new 1.5-litre variants, we believe we can increase Myvi sales from about 8,000 units each month to between 9,000 and 9,500 units. "The 1.5-litre variants should account for 45% to 50% of Myvi sales each month," Aminar said. To date, about 2,000 bookings have been received for the 1.5-litre Myvi variants. About 80% of the bookings are for the SE model and the balance for the higher-priced Extreme model. |
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