Singapore shares end volatile week 4.3% lower amid Asian stock market rout

Singapore shares end volatile week 4.3% lower amid Asian stock market rout

Singapore's dollar sank 0.8 percent -- the most in five months -- after the Monetary Authority
SGX Centre. (File photo: AFP/Roslan Rahman)

SINGAPORE: Singapore shares fell more than 1 per cent on Friday (Feb 9), ending a volatile week where the local bourse shed 4.3 per cent and posted its biggest one-day decline in two years. 

The Straits Times Index (STI) ended 38.66 points or 1.13 per cent lower at 3,377.24, after rising 32.13 points or 0.95 per cent the day before. Year-to-date, the index has declined by 0.75 per cent. 

United Overseas Bank and Keppel Corporation Ltd were among the top losers on the index, falling 1.1 per cent and 3.2 per cent respectively. 

An overnight plunge on Wall Street earlier this week triggered a rout in equities worldwide, with Singapore shares posting their biggest one-day decline in two years on Tuesday, alongside a bloodbath in other Asian bourses spooked by a record-breaking fall in United States stocks. 

Worries about elevated US Treasury bond yields and the likelihood of faster-than-expected US interest rate hikes had triggered panic selling on Wall Street last Friday, which deepened this week and extended into a global rout. 

However, analysts have told Channel NewsAsia that they welcomed the pullback in the benchmark STI as a much-needed, healthy correction after hitting decade highs last month, with some describing the sell-off as a buying opportunity. 

Source: Reuters/CNA/mz