SINGAPORE shares skidded on Thursday, with the Straits Times Index plunging 1.7 per cent, or 54.85 points to 3,092.75 as at 9am. Read more at The Business Times.
SINGAPORE shares skidded on Thursday, with the Straits Times Index plunging 1.7 per cent, or 54.85 points to 3,092.75 as at 9am. By 9.13am, the benchmark index had slipped even further, losing almost 2 per cent, or more than 60 points.
This comes after Wall Street stocks sold off sharply overnight as recession fears gripped the market. All three major US indexes closed down about 3 per cent on Wednesday, with the blue-chip Dow posting its biggest one-day point drop since October, after two-year Treasury yields surpassed those of 10-year bonds, a widely-viewed US recession warning. On the Singapore bourse, decliners outnumbered advancers 131 to 18, after about 46 million shares worth S$64 million changed hands.Among the most heavily traded by volume, YZJ Shipbuilding lost 10.1 per cent, or 10.5 Singapore cents to 93.5 cents, with 8 million shares traded; while ThaiBev gained 1.2 per cent, or one cent to 84 cents, with 2.7 million shares traded.With the exception of ThaiBev which bucked the trend, it was a sea of red on Thursday morning, with all 30 index stocks recording losses. Banking stocks were amongst some of the biggest laggards in the early morning trade - DBS lost 1.7 per cent, or 43 cents to S$24.56, OCBC plunged 4.6 per cent, or 51 cents to S$10.59 on an ex-dividend basis, and UOB declined 3.3 per cent, or 86 cents to S$25.04 also on an ex-dividend basis. Other active stocks included ST Engineering which fell 2.6 per cent, or 11 cents to S$4.11 on a cum-dividend basis, and Wilmar International, which dropped 2.1 per cent, or eight cents to S$3.78 on a cum-dividend basis.
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