The Hong Kong Monetary Authority has since lowered its benchmark interest rate after the Fed decision, while the Bank of Japan is said to be announcing a policy decision later on Monday ahead of its Thursday meeting.
The STI, like other benchmarks globally, continues to trade in bear territory. At current levels, the STI is down 24.8 per cent from its 52-week high of 3,415.18, achieved on Apr 29, 2019. In South-east Asia, Indonesia's Jakarta Composite Index shed 189.07 points or 3.9 per cent to 4,718.50, and Malaysia's Kuala Lumpur Composite Index was trading 27.85 points or 2.1 per cent lower at 1,316.90.
FXTM global head of currency strategy and market research Jameel Ahmad said:"Not only has the Federal Reserve thrown all of its tools out of the toolbox to help combat the economic pressures that the coronavirus will bring to the world economy ... it can't be helped to hold concern following this move regarding what ammunition does the Fed truly have left?"
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