Singapore stock market starts trading week with 0.4% loss
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STOCK markets in Asia extended last week’s rout on Monday (Sep 19), as investors remain cautious over concerns of another outsized rate hike by the United States Federal Reserve this week.
Key bourses in Asia closed in the red.
Singapore’s benchmark Straits Times Index (STI) fell 0.4 per cent, or 11.98 points, to 3,256.31.
Losers outnumbered gainers 295 to 188, as some 1.02 billion securities worth S$811 million exchanged hands.
Japan’s Nikkei 225 dropped 1.1 per cent, while Hong Kong’s Hang Seng Index declined 1 per cent.
It is not just the Fed rate hike of the expected 75 basis points that the market is watching.
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Charu Chanana, market strategist at Saxo Capital Markets, said that the Bank of England is expected to follow with a 0.5 per cent rise the day after, while the Bank of Japan will also meet on Thursday.
“So, strap in, volatility is ahead, especially as there are a plethora of market holidays to commemorate the Queen. This means market moves this week will be amplified,” she said.
Several STI constituents declined by more than 1 per cent on Monday.
The day’s top decliner was DFI retail group, which fell 2.7%, or US$0.07 to US$2.54.
Yangzijiang Shipbuilding is the second-highest decliner, dropping 1.9 per cent, or $0.02 to S$1.01.
Mapletree Logistics Trust was among the few counters to buck the trend, rising 1.2 per cent, or S$0.02 to S$1.71, emerging as the day’s best performer.
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