Singapore stocks post 4.6% drop in September on hawkish Fed, pound slide

INVESTORS were first rattled by hawkish Fedspeak from the US central bank and then the pounding of the British pound induced by tax cuts, sending them scurrying for the exit and resulting in the majority of stocks in Singapore closing in the red for September.

A total of 426 counters were lower while there were only 84 gainers, as the market capitalisation of 644 companies listed in the Republic slid 4.6 per cent over the month from S$883.5 billion to S$842.7 billion.

The Straits Times Index (STI) was a little more resilient, dipping by only 2 per cent to S$526.2 billion in total market value. However, for mainboard-listed companies, the drop was 4.6 per cent at S$833.5 billion. Companies listed on the Catalist board logged a steeper decline at 5.2 per cent to S$9.2 billion.