Singapore shares marginally down 0.04% in tandem with overnight US stock rout
Add BT as a preferred source
Tay Peck Gek
DeeperDive is a beta AI feature. Refer to full articles for the facts.
SINGAPORE shares were down on Wednesday (Apr 27), in line with most key regional bourses, following an overnight US equities rout that sent the Nasdaq sliding by nearly 4 per cent.
But Singapore’s blue chip index, the Straits Times Index (STI) was only marginally lower, by 1.38 points or 0.04 per cent to 3,320.67 points, with nearly half of the 30-stock index constituents in the red.
Oanda senior market analyst Jeffrey Halley said that stock markets will probably remain in risk-aversion mode, fearful of expanding energy weaponisation by Russia and concerned about the raging pandemic in the world’s largest factory, mainland China.
Apac Realty , which owns ERA Realty Network in Singapore, saw its share price tumble by 11. 8 per cent to S$0.71, making the counter one of the top decliners in the broader market. The slide, triggered by an acquisition offer from Morgan Stanley Private Equity Asia for shares it does not already own at S$0.57 per share, was a 30.1 per cent discount from its last-traded share price before the offer was announced. Watchers have said its takeover bid is not likely to succeed, given the lowball offer.
Yangzijiang Shipbuilding share price was down 2.2 per cent to S$0.88, putting the China-based vessel builder at the bottom of the STI performance tally. The firm’s investment unit will check into the Singapore Exchange mainboard as a separately listed entity on Thursday.
The most active counter was Pollux Properties, with some 136.3 million shares changing hands. Also, the property company was the top gainer in the broader market, closing 34.6 per cent higher at S$0.035.
SEE ALSO
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
In the broader market, gainers and decliners were evenly split at 245 each on a turnover of 1.52 billion, with total value of S$1.21 billion. Favourable China industrial data helped the Shanghai Composite Index to claw back losses from Tuesday as it rallied by 2.5 per cent to 2,958.28 points on Wednesday. Hong Kong’s Hang Seng Index climbed 0.06 per cent to 19,946.36 points.
Elsewhere in the region, the markets were all in the red.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
