Singapore shares were up at midday on Tuesday after positive U.S. homebuilder sentiment data but gains were capped as China said it would raise fuel prices by between 6 and 7%.
Regional markets were dragged down by losses in Hong Kong and Shanghai as investors fear rising fuel costs could hurt profits of industrial users and logistics firms.
By 1:00 p.m., Singapore’s benchmark Straits Times Index was up 0.55% or 16.39 points at 3,006.48. Around 533.7 million shares worth $456.3 million were traded.
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