I happened to check my account a few minutes ago, and saw that there was some news on Creaf. (I get a little 'N' in a box, btw.)
This is apparently from Agence France-Presse, dated Feb-16-1998 5:35 AM (no time zone given.)
SINGAPORE, Feb 16 (AFP) - Singapore's benchmark stock index closed 4.6 percent lower Monday on worries over the deteriorating situation in Indonesia, where the city-state has a massive investment and loan stake, dealers said.
"It's Indonesia. One word answers all," Eddie Lee, regional economist with investment house Vickers Ballas, told AFP. "This is the thing that dominates the Singapore market, given the fact that the situation there is so uncertain."
The Straits Times Industrials index ended 71.14 points lower at 1,481.55, making the Singapore bourse one of the worst-hit stock markets in the region for the day. The more broadly-based All-Singapore index closed 16.69 points lower at 391.36.
Renewed weakness of Asian currencies dragged down by the Indonesian rupiah also affected regional stock markets.
Turnover fell sharply to 352.81 million shares worth 473.74 million Singapore dollars (280 million US), down from 800.94 million shares valued at 769.96 million dollars last Friday.
Falling stocks led those rising 336 to 36, with 212 others unchanged.
Malaysian stocks continued to dominate play, with diversified conglomerate Renong Bhd. topping turnover at 51.95 million shares before closing nine cents lower lower at 71.50 cents.
Top gainer was multimedia pioneer Creative Technology Ltd. which rose 70 cents to 37.20 dollars, while the biggest loser was the foreign tranche of media giant Singapore Press Holdings Ltd. (SPH) which shed 1.40 dollars to close at 22.30 dollars.
Riots against soaring food prices and looting of shops owned by ethnic Chinese merchants in Indonesia have gained wide publicity in Singapore, the only Chinese-dominated society in Southeast Asia.
Singaporean companies, including government-linked corporations, have billions of dollars invested in Indonesia. Apart from private bank exposure, Singapore also provided a standby loan of five billion dollars to a multinational rescue package for Indonesia.
"The continued fall of the rupiah is reviving concerns about the Sinagpore banks' exposure to Indonesia," one dealer with a European brokerage said.
"It is also possible for rich Indonesians to sell their assets in Singapore, which could put further pressure on the Singapore property market," he said.
Singapore has traditionally been a safe-haven market for wealthy Indonesians, particularly rich ethnic Chinese.
rc/akp
(Copyright 1998) |
