Singapore bucks the trend amidst upbeat Asian markets

Markets across Asia ended mainly in positive territory but that in Singapore fell 0.4%.

IG Markets Singapore said:

The local market slipped 0.4% in Wednesday’s session and never looked likely to break into the black as profit-taking seemed to be the order of the day. Many traders want to consolidate their positions ahead of the crucial Greek elections at the weekend.

Across Asia, markets were generally upbeat although investors continue to trade cautiously ahead of Grelections. Regional markets had taken their cue from the US markets which staged a late rally.

The Nikkei 225 was up 0.6% on the back of a softer yen. Also helping the Nikkei was data showing Japan’s machinery orders increased more than economists expected in April.

In Hong Kong, the Hang Seng edged up 0.8% while the Shanghai Composite ended 1.3% higher. After a fairly strong start, Australia’s ASX 200 ended 0.2% lower with the financial stocks weighing on the market.