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SGX Singapore News Update
Singapore Financial Sector Forecast to Grow Faster, Benefiting SIMSCI Index Constituents.
According to the latest quarterly Survey of Professional Forecasters, the Singapore economy is expected to expand by 2.8% in 2015, down from estimate of 3.1% in December. However, the financial sector is expected to grow at 7.5% vs 6.5% predicted last December. SIMSCI Index, which is heavily anchored by financials, could benefit from this higher growth.
The Monetary Authority of Singapore (MAS), in a surprise move, adjusted the NEER policy band on 28 January. Since then, the Singapore dollar has fallen 2.53% against the US dollar.
Singapore Budget offers the manufacturing and construction sectors some boost, while GST credits will help consumer spending.
SIMSCI Futures continued to gain ground in February, achieving an average daily volume of 15,156 contracts, with month-end open interest reaching a high of 68,104 in February.
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