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Market Update: Singapore Shares Extend Losses
The STI lost 6 points or 0.2% to a near four week-low of 3,132 in early deals on Friday, falling for the third consecutive session and is on track to drop by 0.8% for the week, amid worries over the impact of the Federal Reserve’s faster-than-expected timeline for monetary policy tightening. Traders were also reluctant to enter new positions after reports that the number of Americans applying for unemployment benefits rose last week for the first time since April. In local data, Singapore’s non-oil domestic exports grew by 8% yoy in May, rising for the sixth month running. On the COVID-19 front, the city-state saw 27 new infections on Thursday, pushing the total tally to 62,366. In business news, Grab Holdings said it is confident that the merger of the ride-hailing and a US blank-check company will be completed by year-end, following a delay caused by a review of its financials. Hongkong Land Holdings sank 1.2% and OCBC Banking Co shed 1%. [/s2If]
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