Capital goods are up more than 20% in 2017.
According to a report from Bloomberg, a string of restructuring and bankruptcy proceedings was capped last week with reports that distress at oil-services company Ezra Holdings Ltd. has deepened. Ezion Holdings Ltd., one of the biggest companies in the sector, also recently posted its worst loss since the Asian financial crisis.
Regardless, the Straits Times Index is the second best-performing stock benchmark in Asia this year, up 11.2 percent, only slightly behind India's Nifty 50.Singapore shares lagged their Asian peers for much of last year, so perhaps that's not much of a surprise. But what is impressive is the companies driving the rally. Capital goods, which in Singapore encompasses mostly rig and shipbuilders, are up more than 20 percent in 2017.
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