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Singapore stocks: STI resumes Wednesday afternoon at 3,093.70, down 0.6% on day

SINGAPORE shares extended losses to resume trading in negative territory on Wednesday afternoon, with the Straits Times Index retreating 0.6 per cent, or 17.15 points to 3,093.70 as at 1.01pm, following the midday break. 

The risk-off mood also comes as investors become increasingly anxious that the global economy is slowing down, with the International Monetary Fund forecasting the weakest growth in a decade.

On the Singapore bourse, losers outnumbered gainers 160 to 127, after about 373.2 million shares worth S$389.8 million changed hands. 

Among the most heavily traded by volume, Yangzijiang Shipbuilding plunged 2.1 per cent, or two Singapore cents to 93 cents, with 22.8 million shares traded, while Golden Agri-Resources slumped 4.7 per cent, or one cent to 20.5 cents, with 19.9 million shares traded. 

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Banking stocks were also in the red for the day - DBS lost 0.8 per cent, or 20 cents to S$24.56, OCBC Bank declined 0.7 per cent, or seven cents to S$10.61, and United Overseas Bank fell 0.5 per cent, or 13 cents to S$25.41. 

Other active stocks included electronics contract manufacturer Hi-P International which rose 2.6 per cent, or three cents to S$1.19, and Jardine Matheson Holdings which slid 1.4 per cent, or 75 US cents to US$53.29. 

Elsewhere, Asian stocks continued to nurse losses as escalating US-China tensions were in the spotlight, ahead of trade talks between the two countries. 

Japan's Topix Index fell 0.4 per cent as at 12.30pm, and Australian stocks dropped 0.8 per cent. Hong Kong's Hang Seng Index declined 0.7 per cent, and China's Shanghai Composite Index inched down slightly by 0.1 per cent.