No Chinese New Year joy yet for market
ST Index sheds 28.5 points for third straight loss; broad market also weakens with about two stocks down for every one up
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INVESTORS in the Singapore stock market will be hoping for it to break its losing streak before the Chinese New Year, but like a tardy reunion dinner guest, the relevant god of fortune has yet to show any sign of arriving on time.
Local shares retreated for the third consecutive session on Wednesday, with the benchmark Straits Times Index (STI) falling 28.49 points to 2,550.74. The broad market also weakened - losers outnumbered gainers 249 to 118, or about two down for every one up.
The rest of Asia was similarly less festive than traders might have liked. Hong Kong also fell for a third straight session on Wednesday, dropping 2.3 per cent, while Shanghai slipped 0.4 per cent and Taiwan lost 0.8 per cent. Tokyo's Nikkei also slumped 3.2 per cent.
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