STI slips 0.2% on double whammy of US tech sell-off, vaccine delays
Key Asian gauges across the board from Japan, HK, China, Taiwan, and South Korea to Malaysia post losses.
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
THE Singapore bourse was on shaky ground with the key Straits Times Index trading underwater all day and paring some losses to finish 5.43 points or 0.22 per cent lower at 2,499.33 on Wednesday, following an extended tech sell-off in Wall Street overnight.
Providing a double whammy was news that vaccine frontrunner AstraZeneca plc has paused clinical trials after a participant became ill, dashing Covid-19 vaccine hopes that have been a big factor in the markets' recent rally.
Analysts reckon that US tech stocks are in the middle of a technical correction as fundamentally, there are no significant material changes that can be pinpointed for the rout. The big question mark, however, is to what extent other asset classes such as bonds, precious metals and currencies will be hurt by this correction.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Eurokars Group introduces rental car franchises Enterprise Rent-A-Car, National Car Rental, and Alamo to Singapore
20 photos that show how dramatically Singapore has changed in two decades
Singapore’s key exports up 15.3% in March from electronics surge, exceeding forecasts
