Volatile session as STI sinks into the red
Market volume poor at S$782 million, on cautious trading ahead of the UK's "Brexit" vote
RISK on or risk off? Clearly, traders in the local market on Wednesday were unable to decide, as the Straits Times Index (STI) first shot up by 26 points to an intraday high of 2,815 before dropping alarmingly back to 2,786.13 at the close, for a net loss of 3.32 points for the day.
Wednesday's turnover of 791.3 million shares worth S$782 million was poor and illustrated the caution with which all financial markets approached the UK's June 23 "Brexit" vote.
Some players, however, were prepared to bank on Britain voting to stay in the eurozone, which probably explained the early rise in the STI, though this "risk on" phase could also have been because of receding worries of a US rate hike after US Federal Reserve chair Janet Yellen delivered a relatively dovish testimony to the US Senate on Tuesday.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
China’s Sinopec in talks for gas offtake, stake in Canada’s Cedar LNG
Chinese tariffs could leave cognac makers with too much brandy
Coffee variety is priciest since 1970s in blow to instant brews
South Korea’s probe alleges 211.2 billion won of illegal short trades
RBNZ has limited scope to cut cash rate this year: OECD
Crypto.com wants to sponsor more sports after Formula One Miami