STI despite pulling back. STI managed to rebound from its symentric triangle top, which it broke up yesterday. It has also maintained above its 200ma and 5ma.
3,238.820 -13.18 (-0.41%)
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Singapore shares drop on Friday but rise 0.4% on the week
03 Jan 2020 18:25
By Navin Sregantan
ASIAN equities were on track for a strong closing to the week after a buoyant Thursday session on Wall Street where stocks in Apple, Alphabet and Nike all hit new highs.
Risk assets were also being supported by a more accommodative policy from China's central bank and the impending signing of a "Phase One" trade deal on Jan 15.
But all that changed when US President Donald Trump threw the first of many curveballs for the year by ordering an attack in the Iraqi capital on Qasem Soleimani, the general of the Revolutionary Guards' Quds.
Fanning the flames further, Mr Trump tweeted a picture of the Stars and Stripes following the killing. Tehran has already vowed to avenge Gen Soleimani's death.
"We are only into the third day of the new year, and a big fat dollop of geopolitical uncertainty has already landed on investors' desks this morning," Oanda's Asia-Pacific senior market analyst Jeffrey Halley remarked.
In its wake, investors ran for safe-haven assets like gold, with the yellow metal trading at four-month highs. Meanwhile, oil was up 3 per cent and stocks pared early gains.
"I expect tensions to intensify before abating, and we should anticipate defensive strategies to flourish," wrote AxiTrader chief Asia market strategist Stephen Innes.
In Singapore, the Straits Times Index (STI) was trading as much as 0.5 per cent higher before retracing to close the week at 3,238.82, dipping 13.18 points or 0.4 per cent.
On the week, the blue-chip index gained 12.29 points or 0.4 per cent from last Friday's close of 3,226.53.
Singapore shares drop on Friday but rise 0.4% on the week
03 Jan 2020 18:25
By Navin Sregantan
ASIAN equities were on track for a strong closing to the week after a buoyant Thursday session on Wall Street where stocks in Apple, Alphabet and Nike all hit new highs.
Risk assets were also being supported by a more accommodative policy from China's central bank and the impending signing of a "Phase One" trade deal on Jan 15.
But all that changed when US President Donald Trump threw the first of many curveballs for the year by ordering an attack in the Iraqi capital on Qasem Soleimani, the general of the Revolutionary Guards' Quds.
Fanning the flames further, Mr Trump tweeted a picture of the Stars and Stripes following the killing. Tehran has already vowed to avenge Gen Soleimani's death.
"We are only into the third day of the new year, and a big fat dollop of geopolitical uncertainty has already landed on investors' desks this morning," Oanda's Asia-Pacific senior market analyst Jeffrey Halley remarked.
In its wake, investors ran for safe-haven assets like gold, with the yellow metal trading at four-month highs. Meanwhile, oil was up 3 per cent and stocks pared early gains.
"I expect tensions to intensify before abating, and we should anticipate defensive strategies to flourish," wrote AxiTrader chief Asia market strategist Stephen Innes.
In Singapore, the Straits Times Index (STI) was trading as much as 0.5 per cent higher before retracing to close the week at 3,238.82, dipping 13.18 points or 0.4 per cent.
On the week, the blue-chip index gained 12.29 points or 0.4 per cent from last Friday's close of 3,226.53.
Elsewhere in the Asia-Pacific, China, Hong Kong and Japan ended lower. Bucking the trend was Australia's ASX 200, which added 42.9 points or 0.6 per cent to 6,733.50, lifted by energy stocks after black gold's climb on supply fears. Taiwan, South Korea and Malaysia posted gains.
On Friday, trading volume in Singapore clocked in at 1.67 billion securities, 41 per cent over the daily average in the first 11 months of 2019. Total turnover came in at a muted S$1.05 billion, just under last year's January-to-November daily average.
Across the market, decliners trumped advancers 275 to 169. Nine of the benchmark's 30 counters ended in the red.
Yangzijiang Shipbuilding continued to be the STI's most actively traded counter. Shares in China's largest non-state shipbuilder edged up S$0.01 or 0.9 per cent to S$1.17 with 66.4 million shares changing hands.
In line with risk-averse sentiment kicking in, the local banks were lower. DBS Group Holdings fell S$0.11 or 0.4 per cent to S$26.00, OCBC Bank dipped S$0.01 or 0.1 per cent to S$11.02 while United Overseas Bank finished at S$26.63, down S$0.05 or 0.2 per cent.
Sembcorp Industries fell S$0.03 or 1.3 per cent to S$2.28 after acquiring Veolia's public waste collection and cleaning businesses in Singapore for S$28 million.
Among second-liners, Creative Technology jumped S$0.15 or 4.6 per cent to S$3.39 after announcing it will launch Super X-Fi Gen2, an improved version of the Super X-Fi audio profile which caused its stock price to spike in 2018, at the consumer technology trade show CES 2020 this weekend.
Source: Business Times Breaking News
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