Report Summary

• The MSCI Singapore Free SGD Index (SIMSCI) closed September 2025 at 446.45, up 0.55% month-on-month, driven by strong performances from GRAB and Singapore Technologies Engineering (STE).
• Singapore’s exports (NODX) and industrial production declined sharply in August, but economists maintain a 2025 year-end NODX growth forecast of 3.3%. Manufacturing PMI returned to expansion territory, though semiconductor tariffs may pose challenges ahead.
• Sector outperformers for September were transport, capital goods, and consumer discretionary; underperformers included consumer staples and communication services. Retail investors were net buyers, while institutions were net sellers, especially in financials.
• Corporate highlights include Centurion spinning off worker accommodations as a REIT, SCG trading post-reverse takeover, and HKL selling MCL for S\$738.7m. SANLI was initiated with an Add rating, and ST was upgraded to Add after positive investor feedback.
• Technically, SIMSCI broke key resistance, reached a high, and is now in a mild correction expected to find support before rebounding. The 6-month target is set at 482.00 points.