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Straits Times 3,062.51 -7.16 -0.23%
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An Overdue Correction?
Singapore Market Commentary | 08 December 2017
By: Jimmy Ng
Articles (39) Profile

The US has a couple of reasons for celebrations over the last two weeks. Online sales on Black Friday and Thanksgiving surged to a record US$7.9 billion according to data from Adobe Analytics, jumping 17.9 percent from a year ago. Meanwhile, Dow Jones Industrial Average surged above 24,000 for the first time on 30 November after Republican Senator John McCain’s decision to back Trump’s tax bill delivered a fresh jolt of momentum to the market. At the end of the fortnight, the US bellwether held firm above the 24,000 level gaining 2.9 percent standing at 24,211.48.

Cryptocurrency Bitcoin garnered the interest of speculators worldwide as it broke through the US$10,000 barrier last Wednesday, only to plunge 20 percent within 24 hours the next day triggered by outages and interruptions on major cryptocurrency exchanges. The digital currency continued to exhibit extreme volatility by staging an astonishing recovery blasting through the US$17,000 milestone to US$17,393 as at 8 December 2017.

Asian markets saw some pull-backs across most major indices amidst more profit-taking after a strong November rally. The Hang Seng Index tumbled 4.1 percent to end at 28,639.85 dragged down by Tencent’s decline. Likewise, the Shanghai Composite Index sank 1.9 percent in the midst of equities selloff and deleveraging concerns. On the other hand, Japan’s Nikkei 225 Index inched up slightly higher by 1.2 percent to 22,811.08.

On local shore, Singapore’s Purchasing Managers’ Index (PMI) in November 2017 came in at 52.9 according to data revealed by the Singapore Institute of Purchasing and Materials Management (SIPMM) on Monday. The figure marked the 15th consecutive month of expansion and is also the highest level in almost eight years since December 2009.

After bringing back the lunch break to the securities market last month, local bourse operator Singapore Exchange (SGX) is now exploring several new changes which include shortening the settlement cycle for trades from three days to two days. SGX aims to align the Singapore market with global best practices with these proposed changes. Equities benchmark Straits Times Index lost 0.5 percent to close at 3,424.64 for the fortnight.

Equipped with a Bachelor in Mechanical Engineering and a few years of experience in the finance industry, Jimmy hopes to help investors gain deeper insights and make well-informed decisions by sharing his perspective.

Please click here for more information about this author.

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