Taking the cue from Wall Street's selloff on Friday, Singapore shares posted sharp declines in Monday's early session with the Straits Times Index down 45.61 points, or 1.4 per cent, to 3,166.49 at the midday break.TAKING the cue from Wall Street's selloff on Friday, Singapore shares posted sharp declines in Monday's early session with the Straits Times Index down 45.61 points, or 1.4 per cent, to 3,166.49 at the midday break. Other key indices in Asia were also in the red.
CMC Markets' Margaret Yang said that these factors suggest the"global economy is undergoing cyclical slowdown and unveiling risk of recession that was masked by strong stock market rally lately". In its market overview for Monday, the UOB global economics and markets research team said that markets in Asia are likely to be in"risk-off" mode, and such sentiment is likely to be a recurring theme for the week as the first quarter of the year draws to a close.
On the S&P 500 on Friday, only utilities ended the day in positive territory, while cyclical sectors such as financials and tech were among the benchmark index's worst performers.
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