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Asia stocks sink deeper as central banks hit crisis mode; STI closes 5.25% down

  • 📰 The Straits Times
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The STI is now trading in bear territory, down more than 25 per cent from its 52-week high.. Read more at straitstimes.com.

HONG KONG/SINGAPORE - A fresh wave of urgent policy coordination by global central banks has failed to restore stock investors' confidence in Asia.

Smaller bourses in Southeast Asia were again hammered, with gauges in Thailand and Philippines posting more than 5 per cent declines. While Australia's S&P/ASX200 Index had its worst day in history with an almost 10 per cent slump, shares in Japan failed to defy a short-lived rebound as the Bank of Japan's emergency measures disappointed investors.

Monday's plunge has again highlighted investors' fragile confidence over a series of urgent central bank actions. Waking up to US Federal Reserve's 100-basis-point cut, the Bank of Japan said it would buy more assets including exchange-traded funds and corporate bonds while holding interest rate steady. The Bank of Korea slashed its benchmark interest rate to a record low of 0.75 per cent in an emergency move.

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