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STI reverses early-session gains to end 1.2% lower on Wednesday

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SINGAPORE'S Straits Times Index (STI) looked set for a rebound of its own, just like Wall Street did so on Tuesday, but concerns over the spread of Covid-19 overshadowed policy support to combat the economic fallout from the outbreak. Read more at The Business Times.

The US Federal Reserve has also launched a US$300 billion programme to purchase asset-backed three-month duration commercial papers to alleviate the credit crunch facing US businesses, along with other tools in hope of stabilising battered markets.

The big gainer among STI counters was Singapore Exchange, which closed S$0.17 or 2.1 per cent up at S$8.35. Shares in the bourse operator have been on the up since last week, after reporting strong trading volumes in February amid volatile market conditions. Daily securities trading volumes for each trading day this month have been consistently over its 2019 average.

Among other financials, Great Eastern Holdings fell S$0.43 or 2.4 per cent to S$17.77. Citi Research analysts downgraded the insurer to"hold" and slashed its price target to S$19.50 from S$27 to take into account an estimated net profit decline of 32 per cent for FY2020. Real estate investment trusts continued to be sold off by investors with the iEdge S-Reit Index, down 25.06 points or 2.3 per cent to 1,062.82.

 

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