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Singapore shares drift lower in thin volume
AHEAD of the US presidential elections on Nov 8 markets everywhere traded within narrow bands, which is entirely to be expected given the massive uncertainty that could ensue if Republican candidate Donald Trump wins.
As a result the Straits Times Index drifted to a 12.68 point loss at 2,816.26 on Friday, dropping 16 points over the week. Friday's 929 million units worth S$878 million completed five consecutive days that dollar value fell below the S$1 billion threshold widely seen as the breakeven point for the broking industry. Friday's volume was the highest for the week, elevated by a large push on SingPost.
Traders resorted to churning the second and third-lines. In some cases the interest was wholly speculative; in others there were corporate developments on which to trade.
On Friday for instance, shares of China steel manufacturer Delong Holdings jumped S$0.09 or 35 per cent to S$0.35 on volume of 94,000, after the company on Thursday announced that its Q3 results that are due to be released on Nov 8 are expected to be significantly higher than last year.
"The increase in net profit is mainly due to an increase in sales volume and average selling prices of products sold amid tighter supplies following production cuts in the PRC in 2015, and restocking by customers".