However, the month saw October’s non-oil domestic exports (NODX) making a surprised 3.1%. The CGS-CIMB duo attribute this to sanctions on Huawei and lockdowns in regional trading partners.
November saw a 382.11 point or 15.8% month-on-month increase in the FSSTI to 2,805.95 points, following optimism on Joe Biden becoming the next US President and news on two potentially viable Covid-19 vaccines, observes CGS-CIMB Research analysts Lim Siew Khee and Jeremy Ng.
Meanwhile, Singapore’s economy contracted by 5.8% year-on-year in 3Q2020 ended September, slower than the 7% decline the government had previously estimated. This follows stronger performance from the export-oriented biomed and electronics segments, observes Lim and NG.
