Stocks reel from Trump win
ST Index tumbles 50 points and Dow futures plunge 700 points, but short covering limits local index's loss to 30.36 pts at the close
Add BT as a preferred source
THE local stock market suffered a heavy blow on Wednesday as Donald Trump arguably unexpectedly won the US presidential election. Uncertainty over his future economic policies, his stance towards trade and immigration, among others, sent the Dow futures crashing 700 points and took more than 50 points off the Straits Times Index (STI) at one stage. The index eventually benefited from a bout of short covering that cut its loss to 30.36 points at 2,789.88.
Turnover swelled to 2.2 billion units worth S$1.8 billion - the fifth consecutive day that dollar business crossed S$1 billion but the highest in many weeks. Excluding warrants, there were only 113 rises versus 318 falls.
Trading kicked off on a firm note in response to a mild overnight uptick on Wall Street, but that momentum was quickly lost once the outcome of the vote counting in the various US states started trickling in.
Copyright SPH Media. All rights reserved.
