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S'pore shares to weaken
Jan 25, 2010
BULLS AND BEARS
Investors will take their cue from Wall Street's weakness last Friday
By Jonathan Kwok
THE market is bracing itself for more downside after the sharp declines seen in the second half of last week.
Analysts and dealers expect Singapore shares to be weak for the early part of this week at least. The Singapore market will be taking its cue from Wall Street's continued weakness last Friday.
The Dow Jones Industrial Average fell 2.09 per cent on Friday, following a 2.01 per cent decline on Thursday. The tech-heavy Nasdaq was 2.67 per cent lower on Friday, after a 1.12 per cent loss on Thursday. The Dow and the Nasdaq lost 4.12 per cent and 3.61 per cent for the week respectively.
The losses were triggered by the developments in China and the United States. Chinese banking regulator Liu Mingkang had alarmed investors on Wednesday with his remarks that bank lending will slow this year. On Thursday, China posted stellar economic figures which reignited fears that the Chinese authorities will implement further tightening policies.
Investors took further fright when US President Barack Obama announced moves on Thursday to protect investors by preventing banks from engaging in riskier activities such as proprietary trading and hedge funds.
The benchmark Straits Times Index (STI) finished the week down by 88.71 points, or 3.05 per cent, to 2,819.71, the worst percentage fall since last August.
Jan 25, 2010
BULLS AND BEARS
Investors will take their cue from Wall Street's weakness last Friday
By Jonathan Kwok
THE market is bracing itself for more downside after the sharp declines seen in the second half of last week.
Analysts and dealers expect Singapore shares to be weak for the early part of this week at least. The Singapore market will be taking its cue from Wall Street's continued weakness last Friday.
The Dow Jones Industrial Average fell 2.09 per cent on Friday, following a 2.01 per cent decline on Thursday. The tech-heavy Nasdaq was 2.67 per cent lower on Friday, after a 1.12 per cent loss on Thursday. The Dow and the Nasdaq lost 4.12 per cent and 3.61 per cent for the week respectively.
The losses were triggered by the developments in China and the United States. Chinese banking regulator Liu Mingkang had alarmed investors on Wednesday with his remarks that bank lending will slow this year. On Thursday, China posted stellar economic figures which reignited fears that the Chinese authorities will implement further tightening policies.
Investors took further fright when US President Barack Obama announced moves on Thursday to protect investors by preventing banks from engaging in riskier activities such as proprietary trading and hedge funds.
The benchmark Straits Times Index (STI) finished the week down by 88.71 points, or 3.05 per cent, to 2,819.71, the worst percentage fall since last August.
