Trading value spikes up but STI now in red zone
PERHAPS the most notable feature of the week just past on the local front is the spike up in trading value - on Tuesday for example, slightly more than S$1.7 billion was traded, more than triple the business that was done a week earlier. This was followed by S$1.5 billion on Wednesday, S$1.6 billion on Thursday and S$1.2 billion on Friday, all decent totals when viewed in the context of an alarming decline in liquidity that the local market has suffered over the past year.
On the external front, perhaps the most important development was the large selloff in bond markets that drove yields higher. This pressure abated slightly on Thursday - German 10-year Bund yields, the benchmark for European debt costs, pulled back to 0.832 per cent after rising on Wednesday to 0.998 per cent, the highest since September 2014. Bonds have been under press for several weeks now, uns…
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