Latest News:  


Singapore stocks down 0.28 pct following overnight drop on Wall Street


19:54, June 21, 2013

SINGAPORE, June 21 (Xinhua) -- Singapore shares closed 0.28 percent lower on Friday, as the U.S. Federal Reserve's plan to scale back stimulus continued to hit market sentiment.

Global equity markets, bond prices and commodities plunged in a deep sell-off on Thursday, a day after the Federal Reserve Chairman Ben Bernanke said the U.S. economy was growing strongly enough for the U.S. central bank to begin slowing its massive bond- buying stimulus scheme.

Bernanke suggested the Federal Reserve could end its quantitative easing program by the middle of next year. Wall Street fell about 2.5 percent on Thursday, and European shares also saw their steepest one-day decline in 19 months.

The benchmark Straits Times Index fell 8.81 points to close at 3,124.45. Trading volume was 2.36 billion shares worth 2.03 billion Singapore dollars (1.6 billion U.S. dollars). Decliners outnumbered advancers 265 to 155, while 525 stocks closed unchanged.

Phillip Securities Research said the downward bias for the Straits Times Index will likely persist as long as it does not decisively clear above the 3,230 points resistance level, whereas the near term support is tipped to be at 3,100 points.

CIMB Research also saw further downside risks.

"The fall from the 3,235 points swing high is slightly larger than expected," it said. "If the 3,094 points low is taken out, expect prices to weaken further to try to fill up 3,045 points and 3,069 points gap or even the 2,989 points and 3,001 points gaps."

DBS Group Research said the reaction downward momentum means that "the 3,100 points level can be broken to the downside. The next support level below that is at 3,030 points."

SIAS Research said "with today's tone likely remain more downside biased, the index could slide closer to key 3,100 points psychological support with resistance pegged at 3,150 points level. "

CapitaLand dropped 2.2 percent to end at 3.05 Singapore dollars on Friday. The largest property developer in Southeast Asia said it had issued unsecured convertible bonds, raising gross proceeds of 650 million Singapore dollars. It also completed a repurchase of a total of 721.5 million Singapore dollars in principal amount of its outstanding 2016 and 2018 convertible bonds.

Mencast Holdings inched up 0.9 percent to close at 54 Singapore cents. The company which provides services to the offshore, marine and oil and gas industries said its energy division had won two long-term contracts from an "oil supermajor". The value of the contracts was not disclosed.

Among the top gainers, Keppel Corporation rose 1 percent to close at 10.58 Singapore dollars, while Jardine Cycle and Carriage became one of the top losers by falling 3 percent to 41.20 Singapore dollars. (1 U.S. dollar = 1.25 Singapore dollars)

We Recommend:

'All in Tuning All in Caravanning' Show

HK's new cruise terminal receives luxury liner

Huawei unveils thinnest smartphone in Singapore

Airbus A350 lands safely from test flight in S. France

Special coverage: China-EU solar row

Highlights of ATC Show 2013

Top 10 luxury villas of China in 2013

Turn rabbit to 'gold' - A young entrepreneur's goal

Hilton to open 120 new hotels in China

Email|Print|Comments(Editor:YanMeng、Chen Lidan)

Leave your comment0 comments

  1. Name


Selections for you

  1. Training for key operators of new UAV concludes

  2. Panamanian,Colombian army joint to fight drugs

  3. Refugees at UNHCR registration center

  4. Five hurt in stampede when Beckham arrives in Shanghai

  5. Searing heat wave sweeping China

  6. A ‘post-90s mom' and her 11 kids with autism

  7. Wedding dream shines on graduation day

  8. Weekly sports photos (6.14-6.21)

  9. Top 10 luxury villas of China in 2013

  10. Tibetan carpet exposition kicks off

Most Popular


  1. China's outbound investment at turning point
  2. Dog meat festival, 'bloody carnival'?
  3. Obama's deeds more important than his words
  4. Social media lures us to throw away privacy barriers
  5. What has the Prism program taught us?
  6. China to sustain prudent monetary policy
  7. SG sees strong China growth momentum
  8. Does China need to consume more?
  9. Chinese audience expects good stories
  10. Moody's warns on China's local government debt

What’s happening in China

Rehab helps prepare for life after addiction

  1. Taiwan confirms first human infection of H6N1
  2. Chinese billionaire buys 007 UK yacht maker
  3. Boy, 5, dies after hours alone in bus
  4. Civil discourse lacking in raucous social media
  5. New driver kills herself and husband while parking