Last night, the US stock market entered a twilight-zone of sorts as the S&P 500 Index and Dow Jones Industrial Average (both are barometers of the American stock market) gained 0.6% and 0.5% respectively after a weak jobs report was released.
The number of jobs created for September came in at 148,000, well below the expected figure 180,000. There was some good news however, as the unemployment rate in the USA ticked down to 7.2% from 7.3% in August.
But what’s twisted here is that the markets seem to be cheering less-than-stellar economic conditions in the USA as that would mean that the Federal Reserve would continue its bond-purchasing programme, pushing cheap money everywhere.
This Fool here would rather see better economic numbers from the largest economy in the world even if that means a temporary collapse in stock markets – but I digress.
Over in Singapore, the Straits Times Index (SGX: ^STI) couldn’t feel the love as it slipped 0.2% to 3,205 points. Within the index’s 30 constituents, there were 17 shares that ended the day in the red compared to nine that made out with gains.
Let’s look at some shares that did worse than the index.
Global Logistic Properties (SGX: MC0) fell 0.3% to S$3.09. The company provides modern logistics facilities in China, Japan, and Brazil and it has been busy snapping up new leases for its properties lately.
Since the start of September, GLP has announced lease agreements totalling 196,000 square metres.
SingTel (SGX: Z74) slipped 0.8% to S$3.73. The telecommunications giant was in the news earlier in the month after one of its buildings caught fire on 9 Oct and impacted 60,000 fixed broadband lines, 30,000 mio TV customers and 30,000 voice lines.
The fire had broken out at SingTel’s Bukit Panjang exchange and the company has since launched an inquiry committee on 16 Oct that’s chaired by Bobby Chin Yoke Choong.
Singapore Exchange (SGX: S68) declined by 1.35% to S$7.33. The stock exchange operator had recently signed a memorandum of understanding with the Shanghai Futures Exchange to develop commodity derivatives markets in Singapore and China.
Commodity derivatives are a tiny part of SGX’s overall business so this collaboration holds promise of opening up new markets for the company.
SGX’s recent first quarter results also gave investors some good reason to cheer as quarterly sales and profits showed year-on-year growth of 15% and 24% respectively.
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