Swiber news caps nervous week for ST Index
SHOCKING news of offshore oil and gas services Swiber Holdings' winding-up application on Thursday were pretty much the final straw for traders in a nervous week that involved two major central bank meetings and the looming possibility of a Donald Trump presidency in the world's biggest economy.
The first half of the week had been relatively colourless, given that the United States Federal Reserve decided to hold interest rates after its mid-week meeting. The Japanese government's Wednesday announcement of plans for massive economic stimulus also helped to keep the local market steady.
But the last two days of the week proved far more exciting - obviously not in a good way. As jittery investors rushed for the exits on Friday, the local benchmark Straits Times Index (STI) tumbled a stark 1.7 per cent in the session, falling 49.93 points to 2,868.69. That decline marked a second consecutive day of retreat for the index.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Honda to spend US$11 billion on EV strategy in Canada
GlaxoSmithKline sues Pfizer and BioNTech over Covid-19 vaccine technology
Mapletree Industrial Trust Q4 DPU rises 0.9% to S$0.0336
Nasdaq’s profit falls as shaky economy keeps IPO revival elusive
iFast Q1 net profit surges on ePension unit performance
Suntec Reit Q1 DPU down 13% to S$0.01511 in absence of capital distribution