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Investors Jittery As US Election Looms
Singapore Market Commentary | 04 November 2016
By: don.low
Articles (5) Profile

In what seems like a depressing fortnight of trading, most global indices slumped as investors fretted over the US presidential election outcome and ‘imminent’ rate hike chatter.

Major sell-offs were seen in Wall Street, as investors also reacted negatively a set of mixed earnings news. In the past fortnight, US major indices, Dow Jones Industrial Average and S&P 500 lost 1.5 percent and 2.8 percent before closing Thursday’s session at 17,930.67 and 2088.66 respectively. Meanwhile, tech-heavy Nasdaq Composite saw the greatest decline; losing 4.4 percentage points to close at 5058.41.

Negative sentiments also permeated the local scene, brought about by fresh polls showing US Republican presidential nominee Donald Trump’s resurgence in the election race. Local investors are increasingly nervous over the spillover effect of a protectionistic Trump winning the presidential election, on an open-economy like Singapore.

However, some acquisition news helped enliven the local atmosphere. Making the headlines, shares of Super Group and Global Logistics Properties both surged about 29 percent and 13 percent respectively, on news of a privatisation offer for the former and talks of a takeover bid for the latter.

Nonetheless, the local market still trended lower with the Straits Times Index ending Friday’s session at 2788.80. Catalist counters outperformed the Mainboard counters, with FTSE ST Catalist index registering gains of 0.5 percent while FTSE ST Large & Mid Cap index lost 1.7 percent. Sector wise, utilities was the most resilient, with FTSE ST Utilities posting a modest gain of 0.3 percent in the past 2 weeks.

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