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Singapore-listed rig builders underperform after SGD touches record low vs USD on MAS’s surprise tightening earlier in day, says Dow Jones.
“A stronger SGD against USD will mean lower foreign exchange translation earnings for oil and gas players. The bulk of revenues are in U.S. dollars but only slightly more than half of costs are in USD,” says DMG head of research Leng Seng Choon.
“A stronger SGD against USD will mean lower foreign exchange translation earnings for oil and gas players. The bulk of revenues are in U.S. dollars but only slightly more than half of costs are in USD,” says DMG head of research Leng Seng Choon.
Keppel Corp (BN4.SG) down 0.7% at $9.78, SembCorp Marine (S51.SG) off 0.2% at $4.40, FTSE ST Oil & Gas index down 0.3% vs STI +0.3%. USD/SGD earlier touches record low 1.2886 after MAS policy vs 1.3050 late Asia yesterday; pair last 1.2938.
