STI falls a further 0.8% on poor sentiment
Traders continue to worry about the prospects of the US tax reform plan as well as the pace of the Federal Reserve's rate hike
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SHARE prices in the local bourse caved in to log its fifth straight day of losses as it chose once again to take its cue from Wall Street's soft overnight showing. It also ended up the day's biggest loser among its regional peers. The key Straits Times Index fell 27.4 points or 0.8 per cent to 3,341.3 on Thursday with only four out of the 30 index stocks seeing gains.
The sell-off on Wall Street was driven by energy and consumer non-cyclical sectors.
"Even steeper sell-offs were experienced earlier this year when the S&P 500 marched towards a new high in March, June and August with every sell-off seen as an opportunity to buy the dips. Does this one look similar?" said FXTM chief market strategist Hussein Sayed.
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