Don't know the impact on SFLX of the devaluations - but found this article which may be of interest:
Copyright 1997 South China Morning Post Ltd.
South China Morning Post
July 18, 1997
Currency troubles see US dollar issues gain
Singapore stocks rose, led by property stocks and issues denominated in US dollars, as investors sought refuge from the recent turmoil in the region's currencies.
The Straits Times Industrials Index closed up 2.65 points at 1,920.54, after trading between 1,913.55 and 1,922.38.
The UOB-OTC Index climbed 10.65 points to 1,089.02, and the UOB-Sesdaq Index rose 3.56 to 120.68.
"The weakness in Southeast Asian currencies has increased the attraction of US dollar stocks," Vincent Yee, an analyst at Alliance Securities, said.
Most regional currencies have fallen against the dollar since the Thai baht was devalued on July 2.
Weakness in the Malaysian ringgit, the Philippine peso and the Indonesian rupiah has also increased the risk of holding stocks denominated in Asian currencies, Mr Yee said.
Among rising US dollar stocks were Tianjin Zhong Xin Pharmaceutical Group, a mainland-based drugs company, Total Access Communications, a Thai cellular phone company and Taiwan's Roly International. Agencies |
