Published April 15, 2009

Construction stocks surge on govt data

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CSC Holdings Ltd led gains among Singapore construction stocks after government data showed the industry expanded even as the nation's economy sank deeper into recession.

CSC Holdings Ltd soared 44 per cent to 13 cents, the most since May 2003. Yongnam Holdings Ltd surged 36 per cent to 15 cents, the highest close since Aug 7, and Koh Brothers Group Ltd climbed 23 per cent to 18.5 cents.

Singapore's Straits Times Index advanced 1.1 per cent to 1,897.02, wiping out losses earlier in the day.

Singapore's gross domestic product declined an annualised 19.7 per cent last quarter from the previous three months, after shrinking 16.4 per cent between October and December, the trade ministry said yesterday.

The contraction was more than double the 9.6 per cent drop predicted by economists in a Bloomberg survey.

Construction output expanded 25.6 per cent in the first quarter, the only sector that registered growth. -- Bloomberg