STI snaps 2-session rally to fall 1.25% as Covid-19 fears persist

SINGAPORE'S Straits Times Index (STI) ended a two-session rally on Wednesday, closing 32.45 points or 1.3 per cent lower to 2,539.44.

Twenty-two of the STI's 30 counters finished in the red. The weaker showing follows a late session dip on key Wall Street indices on Tuesday as investors had reservations over whether the recent slower rate of global Covid-19 infections can be sustained. Markets are also assessing whether the largest oil-producing countries will strike a deal this week to cut output and bring the supply glut to an end.

Meanwhile, China's lifting of a 76-day lockdown on Wuhan is a positive, but the road to recovery is likely to remain long-drawn.