Singapore shares open 0.66% higher on Thursday

SINGAPORE shares opened higher on Thursday with the Straits Times Index up 0.66 per cent or 22.06 points to 3,353.2 as at 9.02am, following gains in stock markets globally.

The Dow Jones Industrial Average closed the session up 0.79 per cent or 138.4 points at 17,757.91 on Wednesday, as investors looked beyond the Greece crisis and focused on economic data. Meanwhile, the Nasdaq Composite closed up 0.53 per cent or 26.26 points at 5,013.12.

In the region, the Nikkei 225 index at the Tokyo Stock Exchange gained 1.31 per cent or 266.01 points to 20,595.85 at the start of trading on Thursday, while the S&P/ASX200 at the Australian Securities Exchange was up 0.5 per cent or 29.4 points to 5,545.1 points.

In Singapore, the biggest gainers in early trading on Thursday were UOB, DBS and OCBC, as well as Singapore Airlines.

Some 38.4 million shares worth S$129.1 million changed hands. Gainers outnumbered losers 109 to 34.

MAS issues 'trade with caution' on SGX

THE Monetary Authority of Singapore (MAS) has slapped a "trade with caution" on Singapore Exchange (SGX) following the counter's increased traded volume and share price on Wednesday.

 

SGX on Wednesday said that it was not aware of any reasons that could possibly explain the trading in its shares on Wednesday, which climbed as much as 5.62 per cent, before closing the session at S$8.18. A total of 7.48 million shares switched hands.

MAS will investigate all possible transgressions and pursue all actions necessary to maintain a fair, orderly and transparent market, the regulator said in a statement. As at 9.52am on Thursday, SGX's counter was trading down 0.244 per cent at S$8.16.

Singapore stocks close in mixed finish after quiet session

A NEW day, another nondescript session. The Straits Times Index (STI) on Thursday displayed all the verve of a patient on life support, finishing a coma-inducing session a nett 3.3 points weaker at 3,327.84.

Turnover amounted to a weak 907 million units worth S$912.4 million; and excluding warrants, the advance-decline score of 208-221 which left about 400 stocks either not traded or unchanged suggested that many investors and traders spent their time indulging in other more exciting pursuits, among them watching grass grow.

For want of better reasons, most brokers pointed to Greece and China as the main reasons for the weak state of trading, though many privately admitted that trading has been dead for many months now.

Still, with China's stock market gyrating as much as 10 per cent per day and with Greece still tottering on the brink of financial ruin, it stands to reason that sentiment here must have been affected.

Forex - Euro holds weaker in Asia as finance officials assure markets

The euro continued weaker in Asia on Monday as central banks and financial officials around the region from Japan and Australia as well as earlier in the United States moved to assure markets they were monitoring the fallout from the collapsed Greece debt talks and ready to act if needed.

EUR/USD traded at 1.1021, down 1.29%, while USD/JPY changed hands at 123.00, down 0.69%. AUD/USD changed hands at 0.7636, down 0.27%.

Greece's banks and stock exchange are expected to remain closed throughout the week following a recommendation from the country's Financial Stability Council late Sunday, according to reports.

The move came just hours after the European Central Bank froze Emergency Liquidity Assistance (ELA) support to the country's banks at levels agreed on June 26 - a figure estimated to be around €90 billion.

"The Governing Council is closely monitoring the situation in financial markets and the potential implications for the monetary policy stance and for the balance of risks to price stability in the euro area," the ECB said in a statement. "The Governing Council is determined to use all the instruments available within its mandate."

At the weekend, Greece's parliament approved a move put forth by Prime Minister Alexis Tsipras for a national referendum that will decide the fate of the country's bailout negotiations on July 5.

The poll effectively ended stalled talks in Brussels and likely ensures that Greece will be unable to make a "bundled" €1.55 billion payment to the International Monetary Fund on Tuesday - the same day its current (extended) bailout program expires.

Later, U.S. Treasury Secretary Jack Lew spoke to Greece Prime Minister Alexis Tsipras Sunday and stressed the need for all sides to continue to work towards a solution.

In Japan, industrial production fell 2.2% month-on-month in May, more than the 0.8% expected decline, while retail sales rose 3.0%, better than the 2.3% gain seen in May year-on-year.

Also reported were remarks from Bank of Japan Governor Haruhiko Kuroda who said the central bank is alert to downside risks to its aims to anchor 2% inflation by the first half of fiscal 2016.

Japan's consumer inflation has slipped back to around zero due partly to "the temporary influence of low oil prices," he told a panel discussion at an annual general meeting of the Bank for International Settlements in Switzerland. His remarks were released Monday.

"While our projection is that inflation will be in the neighborhood of 2% most likely around the April-September period of 2016, the risks to that scenario cannot be ignored, particularly when the global economy is full of uncertainty, including over geopolitical factors," Kuroda said.

Stocks to watch: Otto Marine, mm2 Asia, Lippo Malls Indonesia Retail Trust

OFFSHORE marine company Otto Marine has secured orders worth US$131 million, mainly contributed by the group's chartering business, in the second quarter of its financial year 2015 till date.

The substantial increase in new chartering contracts was attributable to the group's strategy to improve the utilisation rate of the fleet, in view of the potential cost that idle vessels will incur, the group said in a statement on Monday morning. Utilisation rate for the group's chartering business has also improved for Q2FY15 against the last few quarters, it added.

Singapore shares open 1.34% lower on Monday

SINGAPORE shares opened lower on Monday with the Straits Times Index down 1.34 per cent or 44.48 points to 3,276.42 as at 9.01am, on the back of mounting fears of the crisis in Greece as the government declared emergency closure of banks until July 6 because of collapse of talks with creditors.

It cited "the extremely urgent and unforeseen need to protect the Greek financial system and the Greek economy due to the lack of liquidity caused by the Eurogroup's decision on June 27 to refuse the extension of the loan agreement with Greece".

In the region, the Nikkei 225 index at the Tokyo Stock Exchange dipped 2.29 per cent, or 471.93 points, to 20,234.22 at the start of trading on Monday, while the S&P/ASX200 at the Australian Securities Exchange was down 1.6 per cent, or 88.9 points, to 5,457 points. In Singapore, some 124.9 million shares worth S$104 million changed hands. Losers outnumbered gainers 149 to 32.