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SGX Singapore downgrade&Reset exchange
Singapore stocks are likely to open lower on Wednesday in line with other Asian markets after Wall Street fell sharply overnight amid concerns about a stalling economy.
Singapore’s benchmark Straits Times Index <.FTSTI> fell 1.19% on Tuesday to 3,177.09 points.
Singapore’s manufacturing shrank for the first time in 10 months in July as companies received fewer orders and kept lower levels of inventory, the Singapore Institute of Purchasing & Materials Management said late on Tuesday.
Here are some stocks and factors to watch:
Singapore Exchange (SGXL.SI) is likely to be in focus as it posted better-than-expected quarterly net profit but warned that market activity could be affected by global economic concerns.
Sembcorp Marine (SCMN.SI), the world’s second largest rig builder, may also be in the spotlight after reporting a worse-than-expected 15% fall in second quarter net profit, despite stronger margins.
Aircraft repair firm Singapore Technologies Engineering (STEG.SI) said on Tuesday its second quarter net profit rose 5%, helped by higher earnings from its aerospace and marine businesses.
Singapore insurance firm Great Eastern Holdings (GELA.SI) posted on Wednesday a 58% rise in second quarter net profit due to improvements in its underwriting and investment performance.more info
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