SGX Singapore News Update

Singapore's economy grew at a slower-than-expected pace in the fourth quarter, as the manufacturing sector weighed on the overall output.

Gross domestic product for the three months to Dec. 31 grew 1.6% on a seasonally adjusted and annualized basis compared with a revised 3.1% increase in the third quarter, according to advance estimates on Friday by the Ministry of Trade and Industry.

Four economists in a Dow Jones Newswires poll had tipped fourth-quarter GDP to expand 3.3% on quarter. The government statement said the economy is estimated to have expanded 1.5% on year compared with a median 2.0% increase tipped by five economists. GDP rose a revised 2.8% on year in the third quarter.

Manufacturing output fell 2.0% on year in the fourth quarter compared with a 1.7% expansion the previous quarter. Services output grew 2.6% on year while the construction sector expanded 0.8%, the data showed.

GDP grew 2.8% in 2014, in line with the government estimate of around 3.0%.

Current Market Update

Tokyo (Nikkei Average) closed for holiday 
Hong Kong (Hang Seng Index) up 0.8% 
Shanghai (Shanghai Composite Index) closed for holiday 
Sydney (S&P/ASX 200) up 0.5% 
Seoul (Kospi) up 0.3% 
Mumbai (Sensex) up 0.2% 
Taipei (Taiex) closed for holiday

Asian Market Update

Asian markets started 2015 on an upswing, mostly rising in limited trading on Friday, with many regional bourses still closed for public holidays.

Hong Kong was up 0.6 per cent, adding 141.22 points to 23,746.26. Seoul was flat, edging up 1.06 points to 1,916.65, while Sydney was up 0.3 per cent, or 16.5 points, at 5,427.5. Singapore was little changed, slipping 0.91 points to 3,364.24.

Markets in mainland China, Japan, Taiwan, New Zealand, the Philippines, and Thailand were closed for holidays.

Volumes were low as traders began returning after the New Year break, with less than half the average quantity of shares changing hands in Sydney, Seoul, Hong Kong, and Singapore, according to data compiled by Bloomberg.