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Friday, September 04, 2020-9: 31 am
UPDATED Friday, September 04, 2020 – 10:00 am
ALL components of Singapore’s benchmark index were in a red sea on Friday morning as the broader stock market extended its slide along with other Asian markets, dragged down by Wall Street’s deepest one-day slide since June.
The Straits Times Index (STI) lost 1.2 percent or 29.03 points to 2,502.76 at 9.05 a.m. M. The losers outnumbered the winners 197-22, after 104.2 million securities worth S $ 105.6 million changed hands.
The worst performer in the index was Venture Corp, which lost 3.5 percent or S $ 0.71 to S $ 19.25 as of 9.49 am.
Among the most active accountants by volume was Genting Singapore, which lost 0.7 percent or 0.5 Singapore cents to 68.5 cents, with 5.2 million shares changing hands at 9.04 a.m.
Singapore Telecommunications was down 0.9 percent or S $ 0.02 to S $ 2.27, with 2.8 million shares traded.
The trio of local banks sank in early trading. DBS lost 1.5 percent or S $ 0.30 to S $ 20.46. The lender told The Business Times that it is experiencing strong growth in its private banking business and is looking to expand further in Thailand and the Philippines, where high-net-worth families are eager to diversify their exposure and invest in Reits.
UOB lost 1 per cent or S $ 0.20 to S $ 19.39, while OCBC Bank fell 0.9 per cent or S $ 0.08 to S $ 8.55.
Other active index accountants include Wilmar International, which lost 1.6% or S $ 0.07 to S $ 4.38. Singapore Airlines lost 1.4 per cent or S $ 0.05 to S $ 3.63, while Keppel Corp fell 1.8 per cent or S $ 0.08 to S $ 4.40.
In the US, major Wall Street indices closed sharply lower on Thursday as investors abandoned the high-flying tech sector, while economic data highlighted concerns about a long and difficult recovery.
European stocks fell on Thursday with tech stocks leading losses along with their US peers, while a series of average local economic data fueled bets on continued loose monetary policy.
Elsewhere in Asia, Tokyo stocks opened lower on Friday as investors tried to lock in gains from recent rallies after US stocks fell.
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