Swiber news caps nervous week for ST Index

SHOCKING news of offshore oil and gas services Swiber Holdings' winding-up application on Thursday were pretty much the final straw for traders in a nervous week that involved two major central bank meetings and the looming possibility of a Donald Trump presidency in the world's biggest economy.

The first half of the week had been relatively colourless, given that the United States Federal Reserve decided to hold interest rates after its mid-week meeting. The Japanese government's Wednesday announcement of plans for massive economic stimulus also helped to keep the local market steady.

But the last two days of the week proved far more exciting - obviously not in a good way. As jittery investors rushed for the exits on Friday, the local benchmark Straits Times Index (STI) tumbled a stark 1.7 per cent in the session, falling 49.93 points to 2,868.69. That decline marked a second consecutive day of retreat for the index.