Stock Market Analysis 02/11/2011
Singapore shares closed lower on Tuesday on new worries about Europe’s debt crisis, as Greece called an unexpected referendum on the new EU aid package. At the end of trading, the benchmark Straits Times Index was down 66.42 points to close at 2,789.35. At a turnover of S$1.37 billion, a total of 1.42 billion shares were traded. Decliners outnumbered advancers 380 to 112.
Hong Kong shares closed 2.49 per cent lower on Tuesday as new concerns over Europe’s debt woes were compounded by weak manufacturing data from China. The benchmark Hang Seng Index fell 494.91 points to 19,369.96 on turnover of HK$67.09 billion (US$8.64 billion). However, the Shanghai Composite Index, which covers both A and B shares, was flat, edging up 1.77 points to 2,470.02 on turnover of 85.1 billion yuan (US$13.4 billion). Gains in heavyweight insurers offset losses triggered by data showing the country’s manufacturing sector remained sluggish in October, dealers said.
The Nikkei share average fell on Tuesday after downbeat domestic earnings reports and fresh worries about Europe prompted profit-taking in exporters and recent gainers. The Nikkei average lost 1.7 per cent to end at 8,835.52. The broader Topix index dropped 1.3 percent to 754.50.
US stocks tumbled on Tuesday after investors were blindsided by a surprise call for a Greek referendum on a EU bailout plan, casting doubt on the sustainability of the recent market rally. The Dow Jones industrial average was down 295.39 points, or 2.47 per cent, at 11,659.62, according to the latest available figures. The Standard & Poor’s 500 Index was down 34.96 points, or 2.79 per cent, at 1,218.34. The Nasdaq Composite Index was down 77.45 points, or 2.89 per cent, at 2,606.96.
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