Dow Jones Industrial Average (DJIA) hit another record high driven by the resurgence of technology stocks. The US bellwether closed up 1.4 percent to close at 21,611.78 while the Nasdaq Composite Index jumped 4.9 percent to close at 6,390.00 for the fortnight.
In Asia, the Hang Seng Index put up a stellar performance by advancing 1,365.24 points over the fortnight gaining 5.4 percent. Meanwhile, China’s strong industrial output and retail sales allayed fears of a slowdown when its gross domestic product (GDP) grew 6.9 percent year-on-year, lifting the Shanghai Composite Index higher by 0.6 percent to 3,237.98 while Nikkei inched up 0.9 percent to end at 20,099.75.
Buoyant overseas mood cheered the local bourse, as the Straits Times Index broke out of the 3,200 – 3,270 consolidation channel gaining 2.6 percent to close at 3,314.12 for the fortnight. Rowsley’s announced plans to purchase healthcare assets from billionaire Peter Lim for $1.9 billion, comprising a 100 percent stake of Thomson Medical and a 70.4 percent stake in TMC Life Sciences was the highlight of the week with the proposed acquisition financed through the issuance of new Rowsley shares at 7.5 cents each and warrants.
Hogging the headlines was the acquisition of warehouse operator Global Logistic Properties by Chinese consortium Nesta Investment Holdings at $3.38 per share, valuing the former at $16.6 billion. Meantime, NetLink NBN Trust’s initial public offer, the biggest listing this year which was two times over-subscribed, made its market debut closing flat at its offer price of $0.81.
Singapore’s economy in 2Q17 grew 2.5 percent y-o-y, according to advance estimates while non-oil domestic exports in June 2017 rose 8.2 percent compared to a year ago.
Next week, the FOMC meetings to be held on 25 – 26 July is not expected to yield surprises as Yellen has delivered a rather dovish speech on interest rates during her congressional testimony.