Fallout from Swiber, O&M sector to continue
THE Straits Times Index has spent most of 2016 in negative territory and Friday's sell-off taking it 1.7 per cent into the red for the year. It was the second time in seven months that it has dipped below its starting level, third if you count the fact that it kicked off the year by falling on the first trading day and stayed there until it crossed its 2015 closing level of 2,882 only in April.
On that occasion in April it remained in the black for about two weeks, then spent all of May below water before regaining positive footing in June. Then came Friday and of course, news of Swiber's problems.
The opposing forces tugging at the index throughout this journey have been volatile oil prices on the downside, versus central bank monetary support on the upside.
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
Europe: Stoxx 600 logs best day in three months as banks shine
US: Stocks rally after strong tech results
Mixed trading in Asia as investors watch for further macro data; STI down 0.2%
Vietnam delays launch of new stock trading system
Hong Kong bourse regains favour on hopes of a market revival
Asia: Markets rise as strong US tech earnings offset poor data