Singapore shares fell for the third day in a row, plumbing new 2013
lows, hit by concerns that the U.S. Federal Reserve will roll back its
stimulus amid a slowing global economy.
The Straits Times Index (STI) declined as much as 1.86% to 3,094.86, the lowest since Dec. 7. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.9%.
Japan’s Nikkei share average dived more than 5%, while Hong Kong’s Hang Seng Index shed 2.9%.
"Markets are very jittery these few weeks, believing that once QE (quantitative easing) is taken out, markets will more likely reflect the reality of the slow growth environment," said Kenneth Ng, head of CIMB Research in Singapore. "We think the floor (for the STI) is somewhere at 2,740 to 2,955.
We think that the selldown will continue, so we’ll start buying only after it falls below 3,000." Selling in the Singapore market is broad-based on Thursday, led by Global Logistic Properties, Singapore Technologies Engineering and Sembcorp Industries, which fell around 3% each.
The Straits Times Index (STI) declined as much as 1.86% to 3,094.86, the lowest since Dec. 7. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.9%.
Japan’s Nikkei share average dived more than 5%, while Hong Kong’s Hang Seng Index shed 2.9%.
"Markets are very jittery these few weeks, believing that once QE (quantitative easing) is taken out, markets will more likely reflect the reality of the slow growth environment," said Kenneth Ng, head of CIMB Research in Singapore. "We think the floor (for the STI) is somewhere at 2,740 to 2,955.
We think that the selldown will continue, so we’ll start buying only after it falls below 3,000." Selling in the Singapore market is broad-based on Thursday, led by Global Logistic Properties, Singapore Technologies Engineering and Sembcorp Industries, which fell around 3% each.
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