Singapore Stocks Lose For Second Straight Day

[B]Singapore Stock Markets[/B] were down for the second day as land transport companies led decliners. Sparking the bearish tone of the day was an announcement that SMRT Corp. saw a potential merger with rival ComfortDelgro Corp. as “not relevant”. Investors banking on a plausible merger of the two in recent days pared back positioning as it is unlikely that the two will combine forces. However, losses were once again limited as crude oil producers continued to move higher with Keppel Corp. leading advancers. The Straits Times index slipped 11.84 points to close at 3,362.68.
[B]Singapore[/B][B] Dollar Fails To Break Resistance - [/B]Consolidating in the London session, the USDSGD currency pair failed to break lower through support at the 1.5100 psychological level. Already higher in the New York session by a whopping 40 basis points, further upside is probable on profit taking, coupled with rumors of some central bank buying. Currently trading at 1.5144, the currency’s upside is being confirmed by both momentum indicators, forcing a test of the 1.5160 resistance trendline. Near term targets are set higher at the 1.5200 figure.