The Wall Street registered losses as Apple-led technology stocks and crude oil prices extended their sharp decline. Over the last two weeks, Dow Jones Industrial Average tumbled 0.4 percent to end the fortnight at 25,289.27. Meantime, investors are looking forward to more positive news that could be revealed from the G20 Summit where world leaders meet at the end of this month in Argentina.
Following the conclusion of the China International Import Expo which had received overwhelming responses from around the world, Alibaba set a new record for Singles Day sales raking in more than Rmb213.5 billion of gross merchandise value. Strong figures such as these provided investors with some relief amidst worries of the escalating trade tensions. Last two weeks, Shanghai Composite Index inched up 0.1 percent while Hang Seng Index shed 1.1 percent.
Being the host to the 33rd ASEAN Summit held this week from 11 – 15 November 2018, Singapore warmly welcomed leaders and key partners of all 10 Asean members within the region. The conference marked further strengthening of ties and cooperation in promoting regional peace and free trade.
On local bourse, trade settlement on the Singapore Exchange will be cut from three days to two days after the transaction date to be in line with major markets. This implies that with effect from 10 December this year, retail investors would be expected to pay up for their purchases and receive their sales proceeds within a shorter period. The shortened settlement cycle is believed to reduce credit and counterparty risk, as well as bring more vibrancy and liquidity to the local market.
Straits Times Index slid 1.1 percent last fortnight to close at 3,083.60.