THE Straits Times Index reversed losses on Wednesday, rising 0.27 per cent or 8.96 points to finish at 3,362.43.
After lunch, it had looked like the swathe of strong US corporate earnings was not enough to stir the market here. However, the bourse recovered in its final hour of trading with 1.17 billion shares worth S$1.08 billion changing hands for the day.But Hussein Sayed, chief market strategist at FXTM, suggested that the current bull market may not last for long, for potential reasons such as China reducing stimulus and the Fed changing course.
The contract includes options for the two additional ships, which - if exercised - would bring its total value to US$1.94 billion. Elsewhere, Best World International shares slumped after activist shortseller Bonitas Research published a report questioning the company's accounting and sales. Trading was halted after the counter dropped as much as 11 per cent, prompting a query from the Singapore Exchange.
Another hot stock was Yangzijiang Shipbuilding, which saw Credit Suisse downgrade its recommendation to"Underperform" from"Neutral" with a target price of S$1.30. Analysts' average target price is S$1.58, according to Bloomberg data. The stock dipped 2.52 per cent or four Singapore cents to S$1.55 on a turnover of 51.4 million shares.
Source: News Formal (newsformal.com)
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