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Oil-related stocks take big hits on Monday, STI down 6%

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SINGAPORE equities faced strong sell-offs on Monday as fears continue to escalate over Covid-19 but the local market's oil-related stocks were the most affected after sharp falls in oil prices. Read more at The Business Times.

Among upstream oil and gas counters, Rex International lost 5.1 Singapore cents or 28.8 per cent to 12.6 Singapore cents with 130.6 million shares changing hands, the most on the Singapore bourse.

The combination of the possibility of a Covid-19 epidemic and the shock in oil markets saw the Straits Times Index closing at its worst level since June 2016. AxiCorp chief market strategist Stephen Innes noted investors dove"into safe havens on accelerating Covid-19 cases in Europe, and as Saudi Arabia triggers a price war for oil, adding another level of unwanted panic to a market already thick with fear".

Citi Research downgraded the trio to"sell" on expectations that short-term Fed interest rates are likely to hit and stay at zero for much of the rest of 2020. Citi added that the banks might not defend their dividend levels.

 

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Singapore stocks: STI loses 4.5% on Monday afternoonSINGAPORE equities resumed trading on Monday afternoon in negative territory following a steep selloff due to escalating worries over the economic repercussions of Covid-19 as well as a sharp fall in oil prices. Read more at The Business Times.
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