SINGAPORE stocks resumed trading on Tuesday afternoon still in the red but having pared its hefty losses on opening after China moved to stem the yuan's slide, tempering fears of a currency war.
Losers outnumbered gainers 328 to 91, after about 725.1 million securities worth S$767.2 million changed hands.Market voices on: S&P 500 Index futures contracts expiring in September rose as much as 0.7 per cent as of 12.06pm, as the yuan steadied. Dow Jones Industrial Average contracts gained 0.6 per cent, while those on the Nasdaq 100 added 0.5 per cent, data from Bloomberg show.
Stephen Innes, managing partner at VM Markets said:"Who doesn't love a good old Turnaround Tuesday story in the markets, but before I get too far ahead of ourselves, we have the PBOC to thank for tweaking the fix just enough to convince the markets mainland authorities are not embarking on a wave of aggressive Yuan depreciation. "While the imminent threat of a currency war has receded, the market is still hostage to escalating trade tensions.
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