Feb 27, 2014

    Trading chugs along despite SGX site glitch

    SHARE trading chugged along yesterday despite a lengthy technical glitch on the Singapore Exchange (SGX) website.

    The glitch blocked access to the latest company announcements for much of the session, but other services - including live updates on share prices - were unaffected.

    Turnover was relatively soft but not too far off from recent sessions.

    As remisier Gary Goh put it: "The market was going nowhere anyway.

    "The glitch didn't affect trading much because there was a lack of direction and people were disinterested."

    About $898 million worth of shares changed hands, below Tuesday's turnover of $971 million but above Monday's $846 million. This showed that investors remained willing to trade shares despite possibly not seeing new company announcements.

    Remisier Desmond Leong said: "Clients asked about it, but it didn't affect trading and volumes much."

    The benchmark Straits Times Index took a bit of a hit, closing down 15.37 points or 0.5 per cent to 3,088.25.

    That could also have been due to some investors cashing out following their recent gains.

    The mood around the region was muted. Tokyo's Nikkei fell 0.54 per cent, although the Hang Seng Index in Hong Kong rose 0.54 per cent.

    This was after major United States indexes slipped between 0.1 and 0.2 per cent on Tuesday, although one major gauge, the S&P 500, continued to hover just below record levels.

    "Asian stocks are reversing some of the gains...after US data showed a slowdown in home prices and consumer confidence," said IG Markets strategist Kelly Teoh.

    "The previous inflows into exchange-traded funds turned into outflows, as investors grapple with the slowing Chinese and US economies.

    "Asian indexes will have to battle through the uncertainty of global growth.

    "Any significant slowdown in demand from the US, Europe and China would have a direct impact on Asia."

    The STI is still up 128.16 points or 4.3 per cent on its recent closing low of 2,960.09 on Feb 5. It is also comfortably above the psychological level of 3,000 points, although it fell below 3,100 yesterday.

    Decliners yesterday included commodity player Golden Agri-Resources, down 1.5 cents or 2.7 per cent to 54 cents, and car distributor Jardine Cycle & Carriage, which lost 87 cents or 2.3 per cent to $37.01.