NOL sinks with 6.6% loss in trading

Investor confidence was described as being on thin ice.

IG Markets Singapore noted:

On the local market some big names suffered big losses with Neptune Orient Lines dropping 6.6%. Commodity stocks had a bad day with Olam losing 5.7% and Golden Agri-Resources giving up 4%.

There were few winners, with Fraser & Neave sticking out like a sore thumb as it gained 4.3% as investors hoped a tug-of-war would start for control of the company as interested parties upped their stakes.

The Singapore economy was also knocked back by stubborn inflation creeping up again in June after May’s fall raised hopes consumer prices were coming under control.

Headline inflation came in at 5.3% last month, compared to 5% in May.

While traders were rocked by the steep sell-off today (23 July 2012) as so many skeletons fell out of the closet, they have some key data to digest this coming week. PMI numbers are due out tomorrow with China, France, Germany and the US all in focus.

With investor confidence on thin ice, these numbers have the potential to do some real damage should they come in below expectations.