STI hazy as China concern clouds region

The local index falls only a slight 0.96 point even as Hong Kong gives up 0.7 per cent and Tokyo slides 1.9 per cent

LOCAL shares caught a lungful of midweek ennui as markets across the region choked on a different kind of recurring transboundary concern: ongoing worries about a slowdown in China.
The benchmark Straits Times Index (STI) had enjoyed a brief respite above the 3,000-point level on Monday.

 

STI chalks up fifth rise in six sessions

TRADING in blue chips has contributed almost three quarters of daily volume over the past fortnight, and so it was again the case on Monday when the Straits Times Index's (STI) recent revival continued with a 33.61-point rise to 3,032.11.

Singapore News Highlights for Monday

• Singapore shares opened 0.29 per cent or 8.82 points lower at 2,989.68 despite Asian stocks edging higher elsewhere in the region, consolidating recent rises on late gains in Wall Street on Friday and a rebound in the commodities complex.
• Asian stocks climbed after biggest weekly rally since Dec 2011.
• SGX is reviewing companies' compliance with CG Code.
• China Sky's non-executive chairman has resigned.
• Tee International's Q1 profit went up 23.6%.
• SIA plane had collapsed at Changi Airport gate after nose gear retracted during landing gear check.
• OKP unit has won S$12.7m JTC contract.
• Oil edged up on lower US rig count, & weaker dollar.
• IMF urgeed Japan to proceed with second sales tax hike.
• Fed should not raise interest rates just yet- as said by China Finance Minister