MARKETS continued their downward trend on Wednesday (Sep 28), tracking Wall Street’s decline overnight, after the S&P 500 closed at its lowest level in almost 2 years.
The Straits Times Index (STI) fell 1.6 per cent or 49.19 points to close at 3,116.31. Across the broader market, losers beat gainers 430 to 171, with 1.63 billion securities worth S$1.75 billion traded.
Regional markets also closed in the red. Hong Kong’s Hang Seng Index declined 3.4 per cent; South Korea’s Kospi fell 2.5 per cent and Japan’s Nikkei 225 shed 1.5 per cent. The Kuala Lumpur Composite Index declined 0.6 per cent and the Jakarta Composite Index fell 0.5 per cent.
IG market strategist Yeap Jun Rong noted that weak performance in the region continues as markets take cues from the global risk-off environment.
“A stark warning by the International Monetary Fund on the UK government’s tax plans also provided additional cause for worry about the global landscape, with markets struggling to find any positive catalyst to drive a recovery,” The Business Tines quited him saying.
On the STI, only liquor company Emperador and electronics manufacturer Venture Corp were in the black. Emperador gained 1 per cent or S$0.005 to close at S$0.50; Venture Corp edged up 0.1 per cent or S$0.01 to close at S$16.39.
At the bottom of the table was DFI Retail Group, which fell 4.4 per cent or US$0.11 to close at US$2.38.
Within the broader market, Yangzijiang Financial Holdings was hotly-traded, declining 3.9 per cent or S$0.02 to close at S$0.37, with 68.7 million shares worth S$25.9 million traded.