STI rebounds after two days of big losses
Banks which were among the worst hit during the Aug 11-12 slide lead STI higher, adding some 20 points to the index
THE Straits Times Index (STI) on Thursday closed at 3,091.78, regaining 30.29 of the 136 points it had lost during the selloff on Tuesday and Wednesday.
The broad market, excluding warrants, recorded 256 rises versus 190 falls, so the index's bounce did not reflect widespread strength, while volume amounted to 1.44 billion units worth S$1.4 billion, of which S$1.03 billion or 74 per cent was done in the 30 STI components.
Stock markets around the world have been hit this week by a shock move by the Chinese authorities to devalue the yuan, either because it will help boost exports and revive a slowing economy or because with a market-determined exchange rate the yuan would be given the Special Drawing Rights status by the International Monetary Fund, or both.
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
Yen surges against US dollar on suspected intervention
Singapore stocks start week in the black ahead of Fed meeting; STI up 0.1%
Sembcorp announces long-term power purchase agreements with Equinix
Asia: Shares rise as Fed looms large; yen crumbles below key level
Singapore stocks decline at Monday’s open; STI down 0.3%
Stocks to watch: Singtel, Keppel, Great Eastern, Seatrium, Best World