SINGAPORE shares closed lower on Wednesday (Sep 4), tracking a broader decline among regional exchanges.
Markets across the region plunged after US tech stocks took a beating on Tuesday.
Japan’s Nikkei 225 dropped by 4.2 per cent, its worst one-day loss since August, while South Korea’s Kospi fell 3.2 per cent. Hong Kong’s Hang Seng Index (HSI) also slid 1.1 per cent.
Yeap Jun Rong, market strategist at financial services company IG, said that the performance of markets was brought about by a confluence of tech sell-offs and US growth concerns.
The unwinding of US’ Magnificent Seven tech stocks may trigger a shunning of Asian tech stocks that have outperformed since the start of the year, added Yeap.
In Singapore, the benchmark Straits Times Index (STI) fell 1.1 per cent or 38.96 points to 3,441.38.
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Across the broader market, losers outnumbered gainers 373 to 207, as 1.2 billion shares worth S$1.4 billion were traded across the day.
The biggest decliner on the index was consumer goods conglomerate Jardine Matheson. The counter slid 3.4 per cent, or US$1.25, to close at US$35.10.
The group’s investment holding company, Jardine Cycle & Carriage, also tumbled. The counter fell 3.3 per cent, or S$0.92, to S$26.72.
The biggest gainer on the STI was local telco Singtel, climbing 1.6 per cent, or S$0.05, to end at S$3.15.
CapitaLand Integrated Commercial Trust, which proposed to acquire a 50 per cent stake in retail mall Ion Orchard on Tuesday, was the most actively traded counter by volume, with 55.7 million shares worth S$114.4 million traded. The counter declined 3.3 per cent, or S$0.07, to S$2.06.
