Singapore share prices are expected to move higher this week, nudged by anticipated steady export numbers for September, dealers said. The trade ministry will release non-oil domestic exports figures on Monday, with analysts anticipating year-on-year growth of between 4.5-6.6 percent, led by robust demand for pharmaceuticals and a rebound in the electronics sector.
Exports climbed 7.1 percent in August, faster than the 4.4 percent recorded in June.
"After outperforming expectations in August, exports should continue to expand healthily in September," said UOB Kay Hian economist Leslie Tang.
"Non-electronics shipments will drive exports growth, and should rise by 13.2 percent year-on-year in September as compared to 12.8 percent in August, mainly on the back of continued strength in pharmaceuticals."
The government said Monday gross domestic product (GDP) grew 6.0 percent in the third quarter September, prompting analysts to predict Singapore could beat its official GDP growth target of 3.5-4.5 percent this year.
For the week to October 14, the Straits Times index was at 2,303.24 points, barely unchanged from the 2,305.24 points the week before.
Average daily volume was 1.19 billion shares worth 1.06 billion Singapore dollars (627 million US), compared with 1.18 billion shares valued at 980 million Singapore dollars the previous week.