STI fails to build on Tuesday's rebound
Wednesday's opening gains reversed as session progresses; index ends the day 48.82 points lower at 2,783.72
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SINGAPORE'S Straits Times Index (STI) failed to build on Tuesday's rebound, when the benchmark had its best session in over a year. "Tuesday's recovery, although pleasing, looked very much like a bullish correction in a bear market," Oanda Asia-Pacific senior market analyst Jeffrey Halley said in a note.
Nonetheless, Wednesday trading did get off to a good start, with the STI opening 0.9 per cent higher. However, those gains were reversed as the session progressed and the blue-chip index ended the day 48.82 points or 1.7 per cent lower at 2,783.72.
Twenty-four of the STI's 30 components ended the day in the red.
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