STI down 39 pts amid big China decline
Turbulence seen continuing in Asia as Shanghai market struggles with weak macro numbers, jittery investors
SHANGHAI sneezed and the rest of Asia caught a case of the sniffles on Monday, with market players across the region scurrying for cover. In Singapore, the benchmark Straits Times Index (STI) tripped 39.23 points or 1.2 per cent to 3,313.42 as blue chips such as DBS, OCBC and Singtel pulled back.
This came as the Shanghai Composite registered its biggest decline in almost three weeks amid increasing concerns over the economy. The benchmark China index fell 8.5 per cent to 3,725.558 - its worst single-session drop since 2007 - as investor confidence in the market remained weak despite Beijing's pump-priming efforts. As expected, the Shanghai slump dragged down markets across the region.
Shenzhen also tumbled 7 per cent to 2,160.09. In Hong Kong, the Hang Seng slumped 3.1 per cent to 24,351.96, while in Taiwan the benchmark index skidded 2.4 per cent to 8,556.68. It was red across Asia as well, with markets from Seoul to Jakarta and Bangkok sliding. Japan's Nikkei also shed one per cent.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Singapore stocks end lower after US market wobbles ahead of CPI data; STI down 0.2%
LSEG reports in-line first quarter as Microsoft partnership progresses
Japan brokerage Daiwa’s Q4 profit more than doubles as markets recover
South Korea readies new system to detect illegal short-selling
Asia: Markets mixed as global rally stalls, eyes on yen
Singapore shares retreat at Thursday’s open; STI down 1.1%