THE Singapore market slipped on Tuesday as investors in Asia were weighed down by sentiment that the Chinese government could slow the pace of policy easing following better-than-expected economic performance. The lack of market catalysts also meant that investors were booking profits.Trading clocked in at 1.00 billion securities, 79 per cent of the daily average over the first three months of 2019. Total turnover came to S$886.18 million, 87 per cent of the January-to-March daily average.
Bucking the trend on the day were the oil and gas, and offshore and marine sectors. Sembcorp Industries , SembMarine and Rex International outperformed the benchmark index.The counters were given a lift by an oil supply squeeze that sent black gold to new six-month highs during the Asian session. This comes after the US formally announced the end of Iran sanction waivers from May 1.
Among them, Thai Beverage Public Company was the blue-chip index's most traded for the second session running. The food and beverage player closed 0.5 Singapore cent or 0.6 per cent up at 83.5 cents with 44.96 million shares changing hands. The local banks were mixed on Tuesday. DBS Group Holdings closed three cents or 0.1 per cent down at S$27.42. Meanwhile, OCBC Bank finished five cents or 0.4 per cent higher at S$11.83 and United Overseas Bank added three cents or 0.1 per cent to end at S$26.99.that the local banks and big-cap index stocks were already trading at"toppish" levels after their rally this year, which could explain why some investors took to booking profits.
GInva's share price closed 50 per cent higher on Monday after the satellite communications equipment provider and Tactilis Pte Ltd mutually terminated a deal for the latter's Malaysian subsidiary.
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