INVESTOR sentiment in Asia soured on Wednesday as trade worries and growth concerns showed no signs of easing after Wall Street returned from the Memorial Day break. The local market was not spared from the sea of red across the region.
"It was a quiet session for Asia markets. The region fell mostly in line with Wall Street losses, which extended worries over trade tensions and growth," IG market strategist Pan Jingyi said of Wednesday's session. Across the market, advancers outpaced decliners 215 to 153. The benchmark index had 17 of the STI's 30 components trading in the red.
The local banks were down as well. DBS Group Holdings ended 11 Singapore cents or 0.4 per cent lower at S$24.85, OCBC Bank dropped five Singapore cents or 0.5 per cent to S$10.89 while United Overseas Bank closed at S$24.11, down 20 Singapore cents or 0.8 per cent.Meanwhile, Singtel shares rebounded, closing at S$3.18, three Singapore cents or 1 per cent higher. StarHub shares were unchanged at S$1.49.
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