The local market was unable to end on a positive note despite a mid-day surge on Wednesday, dragged down by the uncertain mood that continued to pressure key markets worldwide. The benchmark Straits Times Index (STI) closed 4.64 points or 0.16 per cent down at 2,878.13, marking a third straight day of decline. Across the whole market, around 1.1 billion shares worth S$904 million changed hands.
Private sector economists have downgraded their expectations for Singapore's growth in the third quarter and for the full year, reflecting concerns over the persistently choppy external environment, according to a quarterly survey released by the Monetary Authority of Singapore (MAS) on Wednesday (Sept 2).
Singapore sovereign wealth fund GIC will invest about 19.9 billion rupees (S$420 million) in a new joint venture with Indian real estate developer DLF that will build two projects in the Indian capital New Delhi, the two firms said in a joint statement on Wednesday (Sept 2).
Shunfu Ville, a 358-unit residential project in Upper Thomson, is up for collective sale with a minimum price of $688 million. The estate was built in the late 1980s by the former Housing & Urban Development Company (HUDC) and privatised in 2013.
Mainboard-listed Capitaland said on Wednesday (Sept 2) that its serviced residence unit The Ascott has clinched four contracts to manage more than 850 units in four Asias cities. With these, Ascott said it is widening its lead as the world's largest international serviced residence owner and operator with over 42,000 units in 94 cities across 26 countries.
Chinese authorities have deployed vast sums to try to stabilise slumping share prices, but have to contend with a rumour-driven market and investors like Wang Youfu, whose latest sure thing is a chemical firm that lost US$180 million last year. The retired hotel worker poured around US$6,000 - most of his savings - into Lutianhua, whose main products include fertiliser, on hopes that whispers of a restructuring will turn his holding to gold.
Australia's economy expanded at its slowest quarterly pace for more than two years as mining and construction activity fell and exports declined, data showed Wednesday (Sept 2), hit by weakening growth in its biggest trading partner China. Economic growth expanded by a slower-than-expected 0.2 per cent in April to June, taking the annual rate of expansion to 2.0 per cent.
Oil prices plummeted on Tuesday (Sept 1), settling 8 per cent lower, as weak Chinese data extended a roller-coaster run that knocked oil to its lowest in six-and-a-half years last week before frenzied short-covering fueled a 25 per cent three-session surge.