Market stuck in a losing streak

APRIL has not been all that cruel to the local stock market thus far, but the last few days of the month seem to be in a hurry to make up for any earlier mildness. Singapore shares remained stuck in a losing streak on Wednesday, chalking up a gloomy fourth session of decline after having touched a five-month high of 2,960 last Thursday.

The benchmark Straits Times Index (STI) ended its hump day 0.7 per cent lower, retreating 19.94 points to 2,874.72 as traders held their breaths ahead of the outcomes of policy meetings at the US Federal Reserve and the Bank of Japan.

The broad market shared the same sentiment. About 952.8 million shares worth S$875.5 million changed hands, which worked out to an average unit price of S$0.92 per share. Losers outnumbered gainers 221 to 162, or about four down for every three up.