FX.co ★ Singapore Equities Pull Back from Record High

Singapore shares slipped 41 points, or 0.7%, to 5,672 in Thursday morning trading, as investors locked in profits after the benchmark hit a record high in the previous session. Losses were led by the communication services, transportation, retail trade, and financial sectors.

The market also mirrored overnight weakness on Wall Street after the Federal Reserve left interest rates unchanged for a fifth straight meeting. Sentiment was cautious ahead of the release later today of Q2 business confidence and unemployment figures, as well as China’s PMI data due on Friday.

Still, demand for dividend-paying stocks and softer oil prices helped limit the downside, even as geopolitical tensions in the Middle East continued to escalate. Early notable decliners included Hongkong Land (-2.1%), OCBC (-2.0%), DBS Group Holdings (-0.7%), Venture Corp (-0.7%), and UOB (-0.4%).