STI's losing streak runs into seventh session

SINGAPORE'S Straits Times Index (STI) extended its losing streak into its seventh day on Thursday, after stimulus measures announced by the European Central Bank (ECB) failed to lift sentiment as the global economy stares down the prospect of a Covid-19 induced recession.

US futures reacted positively following the ECB announcement, but their gains were wiped out by the time trading in Singapore commenced.

The blue-chip index was down 0.5 per cent at the opening bell, but sell-offs intensified by mid-morning as investors rushed to liquidate their assets. It closed 114.62 points or 4.7 per cent lower at 2,311.00.