STI drops 35 points in wake of US sell-off
Disappointing Q1 reports push Singapore firms down the slippery path of earnings downgrades: DBS Vickers
ON the plus side, volume at Singapore Exchange on Wednesday amounted to 1.64 billion units worth S$1.3 billion, much better than the dismal S$597 million done at the start of the week. On the minus side, however, the volume spike signified increased selling, which ended with the Straits Times Index (STI) losing 35.04 points or just over one per cent at 3,424.94.
On the plus side, the STI was still in positive territory for the year so far. On the minus side, though, the gain for the year has now been shaved to 60 points or 1.8 per cent.
Wall Street's overnight plunge was said to be the reason for the heightened selling that saw the broad market, excluding warrants, chalk up 285 falls against 171 rises. That fall reportedly came after the release of a strong US durable goods report, which supposedly raised the likelihood of an earlier-than-expected interest rate hike.
