Singapore shares were headed for their biggest one-day decline in
more than a year, tracking weaker global markets after Federal Reserve
chairman Ben Bernanke said the central bank would start to reduce its
stimulus measures later this year.
The benchmark Straits Times Index dropped nearly 2% on Thursday. The broadest MSCI's index of Asia-Pacific shares outside Japan fell more than 3% in its sharpest daily slump since November 2011.
Share price of Medtecs International Corp, which produces medical products including face masks, surged 11% in a second straight day of rise to $0.07, on expectation of higher sales of masks in the city-state hit by its worst air pollution in history.
In other stocks, ComfortDelGro Corporation fell 2.8% to $1.76, but stayed off a six-month low of $1.70 hit last week. Analysts at OCBC Investment Research saw it as a good entry point given its recent share stability and unchanged fundamentals.
“Domestic challenges aside, the group's overseas growth prospects, which have been its key growth driver, remain unchanged,” the analysts wrote in a note, adding that the blow to share price from a recent partial stake sale by the Singapore Labour Foundation has tapered off.
OCBC upgraded the stock to “buy” with a target price of $1.95.
The benchmark Straits Times Index dropped nearly 2% on Thursday. The broadest MSCI's index of Asia-Pacific shares outside Japan fell more than 3% in its sharpest daily slump since November 2011.
Share price of Medtecs International Corp, which produces medical products including face masks, surged 11% in a second straight day of rise to $0.07, on expectation of higher sales of masks in the city-state hit by its worst air pollution in history.
In other stocks, ComfortDelGro Corporation fell 2.8% to $1.76, but stayed off a six-month low of $1.70 hit last week. Analysts at OCBC Investment Research saw it as a good entry point given its recent share stability and unchanged fundamentals.
“Domestic challenges aside, the group's overseas growth prospects, which have been its key growth driver, remain unchanged,” the analysts wrote in a note, adding that the blow to share price from a recent partial stake sale by the Singapore Labour Foundation has tapered off.
OCBC upgraded the stock to “buy” with a target price of $1.95.
The rupee was at 60.92/93 versus Friday’s close of 61.10/11. It fell to a record low of 61.21 on July 8.Share market technicals
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