Weekly wrap of STI:
Straits Times Index (STI) opened at 2855.04 ie., 24.55 or 0.85% lower and ended at 2832.64 ie., 46.95 points or 1.63% lower to 2832.64 this week. STI came off from its weekly peak of 2904.98 and low of 2816.76.
Singapore's August industrial production data due later today will likely hint at a risk of a technical recession, says DBS. A technical recession occurs when there are two consecutive quarters of decline in gross domestic product. According to prediction a 6.8% on-year decline in industrial output in August.
LOCAL BOURSE
Factory output contracted for the seventh consecutive month in August, performing worse than private-sector forecasters had expected. The latest manufacturing data, which showed output sliding 7% last month from a year ago, came in below the 5.3% decline forecast.
Consumer confidence in Singapore fell 0.9 point to 129.6 in September on heightened concerns about the economy in the next five years.
TI remained in negative sentiment this weak. It is expected to consolidate next week. It has it weekly support at 2800. STI may take reboud after taking support at 2800. Concern over US interest rate has increased after FED officials and Janet Yellen made a statement supporting rate hike by the end of this year. Market sentiment over slowdown of China’s economy is also negative.
TI COUNTER SPECIFIC NEWS :
GLOBAL FACTORS & WORLD INDICES:
Straits Times Index (STI) opened at 2855.04 ie., 24.55 or 0.85% lower and ended at 2832.64 ie., 46.95 points or 1.63% lower to 2832.64 this week. STI came off from its weekly peak of 2904.98 and low of 2816.76.
Singapore's August industrial production data due later today will likely hint at a risk of a technical recession, says DBS. A technical recession occurs when there are two consecutive quarters of decline in gross domestic product. According to prediction a 6.8% on-year decline in industrial output in August.
LOCAL BOURSE
Factory output contracted for the seventh consecutive month in August, performing worse than private-sector forecasters had expected. The latest manufacturing data, which showed output sliding 7% last month from a year ago, came in below the 5.3% decline forecast.
Consumer confidence in Singapore fell 0.9 point to 129.6 in September on heightened concerns about the economy in the next five years.
TI remained in negative sentiment this weak. It is expected to consolidate next week. It has it weekly support at 2800. STI may take reboud after taking support at 2800. Concern over US interest rate has increased after FED officials and Janet Yellen made a statement supporting rate hike by the end of this year. Market sentiment over slowdown of China’s economy is also negative.
TI COUNTER SPECIFIC NEWS :
- IPS Securex Holdings has placed out 8.9 million shares to
"certain institutional investors" at 71 cents per share to
raise $6.32 million.
- Ezra Holdings says Capt. Adarash Kumar Chranji Lal Amarnath
has stepped down as group chief operating officer and executive
director of the company effective Friday. His resignation is in
compliance with the Code of Corporate Governance 2012 of having
independent directors making up at least half of the board.
- Emas Offshore named Ezra ex-COO as CEO.
- NOL couldn't explain high volume, except maybe market talk of
Temasek selling stake.
- Olam Intl is eyeing at US$2.72bn opportunity for acquisitions
from commodity crisis.
GLOBAL FACTORS & WORLD INDICES:
- Shares in Hong Kong ended the week on a high Friday after tumbling more than three per cent in the previous two sessions but ongoing concerns about China's economy saw Shanghai check out with heavy losses. Hang Seng Index added 0.43 per cent, or 90.34 points, to close at 21,186.32.
- The pan-European FTSEurofirst 300 index, which had fallen 2.1 per cent on Thursday, climbed back up 2.2 per cent in early trading, while the euro zone's blue-chip Euro STOXX 50 index also advanced 2 per cent. Nevertheless, the FTSEurofirst was still down 2.3 per cent from the end of last week.
- The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 1.6 per cent, to 3,231.95, while the Shanghai Composite Index lost 1.6 per cent, to 3,092.35 points.
- Australian shares fell 0.6 per cent on Friday led by losses in banks after US Federal Reserve Chair Janet Yellen said she expects the central bank to begin raising rates later this year. The index ended the week down 2.5 per cent, after two straight weekly gains. It has lost 3.2 per cent in September so far, after falling 8.6 per cent in August - its worst monthly performance since the global financial crisis.
- Tokyo shares gained 1.76 per cent Friday, shrugging off a weak inflation report after Federal Reserve Chair Janet Yellen hinted at a US rate hike by the end of 2015.
- Taiwan stocks were up slightly on Friday after the central bank cut its benchmark interest rate for the first time since 2009 as the island's export-driven economy faces headwinds from a China-led global economic slowdown.
- Indonesia's economy is expected to grow at more than 5 per cent in the fourth quarter, a central bank official said on Friday, adding that gross domestic product was expected to expand at an annual 4.9 per cent pace in Q3.
- Gold dropped from its highest in a month on Friday as the dollar rallied on an assurance from Federal Reserve chair Janet Yellen that the US central bank would begin raising rates this year.
- Oil markets remained subdued in early trading in Asia on Friday after weak data from Japan reinforced concerns over global economic growth.
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