Wednesday, March 30, 2016

Singapore shares open 19.88 points higher on Wednesday

SINGAPORE share prices opened higher on Wednesday with the Straits Times Index (STI) up 19.88 points to 2,838.96 as at 9.00am. US stocks closed higher overnight, as the S&P 500 recorded a 2016 high on Tuesday after Federal Reserve chair Janet Yellen called for caution on raising interest rates.
Top gainers in early morning trade included Jardine C&C and Great Eastern. Some 46.8 million shares worth S$49.1 million changed hands, with gainers outnumbering losers 102 to 25.

Thursday, January 21, 2016

Singapore shares close lower as HK, China indices and Dow futures slide

AFTER a short-covering bounce on Thursday morning that gave a mistaken semblance of stability because it added 30 points to the Straits Times Index (STI), pressure returned in force during the afternoon session, leaving the STI 27.07 points worse off at 2,532.70 at 5pm.

Turnover remained elevated at 1.2 billion units worth S$1.4 billion and, excluding warrants, there were 127 rises versus 288 falls. Of the total volume traded, just over S$1 billion was generated by the 30 STI components.
Over in North Asia, the Shanghai Composite Index plunged 3.2 per cent, taking 1.8 per cent off the Hang Seng Index, while a weak session for the Dow futures indicated Wall Street would likely remain depressed on Thursday. At 5pm, the March contract was trading at a 120-point loss.

Brokers said the volatility spike of the past few weeks and the unpredictability of the China market was making it impossible to say when the selling might end.

Tuesday, January 12, 2016

Singapore stocks close lower as oil stocks take a beating

A NERVOUS silence reigned in most dealing rooms on Tuesday, as markets kept wary eyes cocked in China's direction and as traders stayed away in droves, worried that China's stock market plunges of the past week are not yet over.
The relentless slide in oil prices meant heavy selling of offshore and marine (O&M) stocks, which in turn dragged the Straits Times Index (STI) 17.07 points lower to 2,691.78, its sixth loss in seven sessions so far this year.
Turnover amounted to 1.8 billion units worth S$1.02 billion, of which S$743 million or 73 per cent was done in the 30 STI components. Clearly, institutions and programme traders were active, even if retail players were not. Excluding warrants, there were 148 rises versus 273 falls.
"Today should have been cancelled due to a lack of interest," said a retail trading representative. "After Monday, we should have skipped Tuesday altogether and gone straight to Wednesday."

Monday, January 4, 2016

Oil prices rise 2pct after Saudi Arabia cuts ties with Iran

Oil prices rose in Asia Monday after crude kingpin producer Saudi Arabia cut diplomatic ties with Iran following a row over the Saudi execution of a Shiite cleric.
Saudi Arabia announced the decision Sunday, a day after protesters ransacked its embassy in Tehran over the execution of the cleric, Sheikh Nimr al-Nimr.

Saudi Foreign Minister Adel al-Jubeir said Iranian diplomats had 48 hours to leave. Iran's supreme leader warned Saudi Arabia it would face "quick consequences" for the execution.

Fearing further upheaval in the already volatile Middle East, the United States has urged regional leaders to try to ease tensions.
At around 0610 GMT, US benchmark West Texas Intermediate for delivery in February was up 77 cents, or 2.08 percent, at US$37.81. Brent crude for February was trading 91 cents, or 2.44 percent, higher at US$38.19.

"Oil started the new year on the mend, as Asian markets reacted to fears that geopolitical tensions in the Middle East may threaten the supply of oil," said Bernard Aw, market strategist at IG Markets in Singapore.

Friday, January 1, 2016

Ringgit likely to trade lower next week

The ringgit will likely trade lower versus the greenback next week on expectations of lower commodity prices, dealers said.
A dealer said the decline in the global oil prices has hit the currencies of commodity-dependent countries including Malaysia.
Last Wednesday, the benchmark oil, Brent crude, fell by over three per cent towards 11-year lows, after data showed an increase in the US crude supplies.

He said this has caused the greenback to trade lower and influence other emerging currencies including the ringgit.

"The local note will likely trade downwards if the commodity prices continue to weaken," he said.
It was reported that the Brent crude went down by US$1.33, or 3.5 per cent, to US$36.46 a barrel.