STI down 0.14%, while penny gold miners ride gold rush

FOLLOWING in the footsteps of Wall Street last Friday, Singapore shares dipped on Monday, with the Straits Times Index down 3.72 points or 0.14 per cent to 2,575.79. Losers outnumbered gainers 250 to 179, after about 1.45 billion securities worth S$1.05 billion changed hands.

The biggest loser on the index was property developer Hongkong Land, which fell US$0.11 or 2.84 per cent to US$3.77, on market expectations that Hong Kong’s new Covid-19 wave could prompt office downsizing in non-core districts and lead to a decline in office rents this year. The stock has been on a losing streak since last Tuesday.

The next biggest loser was ground-handling firm Sats, which lost S$0.07 or 2.47 per cent to S$2.77 amid a bleak outlook for the aviation sector. Bloomberg Intelligence on Monday said that its revenue and earnings woes may persist until March 2021. Share purchases by Sats president and chief executive Alexander Charles Hungate and Sats director Tan Soo Nan two weeks ago had bolstered prices for a while, but the gains were short-lived.

Gold miners also crowded the list of the most active counters on Monday, as gold prices hit fresh life-time highs of more than US$1,944 per ounce on Monday, benefiting from monetary and fiscal stimulus by global central banks. Penny stocks in the gold-mining sector such as Anchor Resources, Wilton Resources, LionGold and CNMC Goldmine, all saw heavy trading of more than 50 million shares traded, coupled with double-digit gains in prices .

Source: News Formal (newsformal.com)

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

STI dips 1.3% as factory output fallsSINGAPORE shares retreated on Friday, following disappointing industrial production figures that exacerbated worries about economic weakness. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

The Straits Times @STcomTHE BIG STORY: S'pore could start human trials for Covid-19 vaccine this week | Why are dengue cases surging here?
Source: The Straits Times - 🏆 8. / 63 Read more »

This week's top reads from The Straits TimesGood evening! Catch up on some of the week's top reads.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

Coronavirus: Britain to quarantine travellers from Spain, says Sunday TimesLONDON (REUTERS) - Britain's government is set to announce all travellers from Spain arriving after midnight on Saturday (7am on Sunday, Singapore time) will need to spend two weeks in quarantine in case they are infected with coronavirus, the Sunday Times newspaper reported.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

Gold hits record high on haven demandHONG KONG: Gold hit a record high on Monday (Jul 27) as investors rushed into the safe-haven on concerns about China-US tensions, a spike in virus ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Spot gold prices trading the highest since Sept 11GOLD prices started off the week on a very positive note, as European leaders meeting in Brussels made progress on stimulus measures that would boost their economies and provide relief from the ravages of Covid-19. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »