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Singapore stocks tumble 1.6% on Trump's strong showing

Wednesday, November 9, 2016 - 13:01

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THE local bourse echoed the risk-off mode that gripped global markets over the prospect of a triumph for Donald Trump in the US presidential elections.

After opening up 16.38 points at 2,836.62, the key Straits Times Index tumbled to 2,774.46 at 12.44 pm on Wednesday, down 45.78 points, or 1.6 per cent.

Some 1.2 billion shares worth S$951 million were traded as losers outpaced gainers with 337 counters down and 66 up.

Across Asia, key markets also saw red with the Tokyo, Hong Kong, Australia and South Korea all losing between 1 and 3 per cent.

"Investors were (once again) caught completely off guard by not pricing in the reasonable possibility that Donald Trump could become the President of the United States.

"This is the exact same thing that happened during the EU referendum vote, when investors sided substantially towards pricing in a remain outcome and they were left in complete shock," said Jameel Ahmad of FXTM.

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