Tuesday 23 Jul 2024
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SINGAPORE (April 30): Singapore shares may retreat in early trading following losses in US markets overnight, although expectations that the Federal Reserve will not raise interest rates until at least later this year could limit stocks' downside.

With the market closed tomorrow for Labour Day, any buying on dips is likely to be minimal.

The Fed downgraded its outlook for the US labour market after the end of its two-day policy meeting.

Hours before the Fed's statement, the US government said the world's biggest economy expanded merely 0.2% in 1Q2015, down from 2.2% in 4Q2014.

The Dow Jones Industrial Average fell 0.4% to 18,035.53, the S&P 500 shed 0.4% to 2,106.85 and the Nasdaq Composite gave up 0.6% to 5,023.65.   

In Singapore, the Straits Times Index fell 0.2% to 3,487.15 yesterday.

COMPANIES IN THE NEWS:

Oversea-Chinese Banking Corp's 1Q2015 earnings rose 11% y-o-y to $993 million as business grew across its key markets.

OCBC shares ended 0.6% higher at $10.88 yesterday.

United Overseas Bank reported 1Q2015 earnings of $801 million, up 1.6% from a year earlier, with a rise in impairment charges and operating costs partly offsetting higher fee income and loan growth.

UOB shares ended 2.2% lower at $24.42 yesterday.

Lower shipbuilding margins and interest income sent Yangzijiang Shipbuilding's earnings down 12% y-o-y to RMB706.9 million ($152.9 million) in 1Q2015.

Yangzijiang shares ended 1% lower at $1.445 yesterday.

Indofood Agri Resources' 1Q2015 earnings tumbled 81% y-o-y to IDR35 billion ($3.6 million) on lower revenue and foreign-exchange losses.

Indofood shares ended 1.3% lower at 74 cents yesterday.

Jardine Cycle & Carriage said its 1Q2015 earnings fell 18% y-o-y US$178 million ($243 million).

Jardine C&C shares ended 22 cents higher at $40.62 yesterday.

Weiye Holdings' 1Q2015 earnings fell to RMB5.6 million ($1.2 million) from RMB9 million a year earlier.

Weiye shares ended flat at 4.9 cents yesterday.

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