China and US rate hike fears hit stocks
STI drops 1.2 per cent amid moderate turnover; brokers say investors are watching next week's FOMC meeting
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RENEWED volatility in China and Hong Kong on Monday and worries of a US rate hike possibly as early as next week ensured that the local stock market kicked off the week on a down note, the Straits Times Index dropping 34.5 points or 1.2 per cent to 2,921.44.
Turnover was a moderate 1.3 billion units worth S$1.4 billion of which S$1.05 billion was done in the 30 STI components and excluding warrants, the advance-decline score was 178-270. For the month, the index fell 281 points or about 8.8 per cent.
Apart from large swings in North Asia, it was also likely that added incentive to sell - or go short - came from indications that a September US interest rate hike which last week was thought to be unlikely was now back on the cards.
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