Username
Password
Forget Password?
  1. Indices
  2. Commodities
  3. Currencies
Straits Times 3,077.09 -33.99 -1.09%
Hang Seng 26,094.79 -429.56 -1.62%
Dow Jones 24,100.51 -496.87 -2.02%
Shanghai Composite 2,593.74 -40.31 -1.53%
Investors Unfettered By Markets’ Selloff
Singapore Market Commentary | 02 February 2018
By: Jimmy Ng
Articles (42) Profile

Wall Street saw a mild selloff early this week dropping 540 points from its peak pressured by a spike in 10-year Treasury yield pushing above 2.7 percent. Meanwhile, the first FOMC meeting of the year did not bring much surprise along with it keeping the rates unchanged, though the Fed left room for more rate hikes this year expecting rising inflation. Coupled with Trump’s relatively subdued State of the Union address, Dow Jones Industrial Average made it back to the positive territory registering a 0.6 percent increment to 26,186.71 over the fortnight.

China’s official manufacturing Purchasing Managers’ Index for January came in at 51.3 missing expectations, as the government cracked down on high debts and heavily polluting industries. Undeterred by the poor data, Hang Seng Index consolidated on the high grounds and advanced 1.1 percent over the last two weeks. Shanghai Composite Index, on the other hand, slid 0.7 percent to finish at 3,462.08.

Malaysian furniture maker LY Corporation made its debut on the local bourse on 31 January as the first initial public offering this year on the Singapore Exchange. LY Corporation ended its first trading day 19.2 percent higher than its offer price to close at $0.31.

The Straits Times Index (STI) barely touched 3,600 before tumbling back down to the 3,500 region. Whether the local benchmark can hold above the 2015-peak of 3,525.19 is very much dependent on the results of our three local banks, which are slated to be released over the next two weeks. Last fortnight, STI dipped 0.6 percent to 3,529.82.

In addition, another important figure that we should keep a close watch on includes the nonfarm-payrolls report from the US on Friday, 2 February.

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.


Join The Conversation
The Shares Investment editorial team welcomes constructive feedback on our coverage and content. We would also be delighted to answer any questions on the above article. Leave us a comment below, and we'll get back to you shortly!

All Rights Reserved. Pioneers & Leaders (Publishers) Pte Ltd. Best viewed with Mozilla Firefox 3.5 and above.