Week when Greek drama dictates the market tempo
SEEING the phrase "Greek drama" one more time might make any reader feel like pulling an Oedipus - I mean gouging one's eyes out in despair, not that other thing - but for better or for worse, the drawn-out spectacle in Athens seemed to be the main event driving the local market fall and rise over the past week.
China's equity meltdown also played a leading role, but while the plunge in Shanghai and Hong Kong on Wednesday brought local shares down with them that day, their subsequent recovery on Thursday somehow failed to give Singapore a leg back up.
Analysts and investors were largely treating Grexit as the base case this week following the Greek citizenry's unexpected and resounding "no" vote on Sunday to further austerity but have since had to set aside those models after Greek Prime Minister Alexis Tsipras caved in to the country's eurozone creditors late on Thursday night.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
US dollar holds steady as investors wait for Fed guidance
US stock settlement switch faces early resilience test
STI ends Monday almost flat as market faces reality check
Japan’s inexperienced investors fall for scams ‘like babies’
Asia: Markets rise as traders cheered by China property plan
Singapore shares open almost flat on Monday; STI down 0.04%