With a correlation below 50% against most major indices, MSCI Singapore IndexSM (SiMSCI Index) offers risk reduction and hedging convenience for investors.
The financial and telecommunications sectors of the SiMSCI Index delivered double-digit total returns over the past year.
Slower growth is projected for the Singapore economy, according to the latest quarterly Survey of Professional Forecasters. Exports fell unexpectedly in May.
Slower Growth Ahead
For the second consecutive quarter, private sector economists lowered their forecasts for Singapore’s economic growth in the latest survey conducted by the Monetary Authority of Singapore (MAS).
The city-state’s economy is expected to expand by 2.7% between April and June, according to the quarterly MAS survey of 23 economists, compared to the earlier projection of 2.9% in the survey conducted in March.
For 2015, gross domestic product (GDP) is expected to grow by 2.7%, down marginally from 2.8% forecasted in the March survey.
At the same time, non-oil domestic exports (NODX) in Singapore shrank by 0.2% in May year-on-year, dragged down by a dip in electronic shipments to markets in China and Europe, official data showed on 17 June.
The contraction was below market consensus for a 2.3% rise.
UOB wrote in a research note that it still maintains its 2015 NODX forecast of a 1% contraction, “as we continue to see a slowdown in PC-related electronics exports as well as the trend where manufacturers shift focus to the export of services rather than merchandise (thus impacting NODX as it tracks the exports of goods and not services). We also expect the exports of petrochemicals to come under pressure as the current oil price weakness (on a year-on-year basis) persists at least until end of 2015.”
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