Singapore stocks tumble amid regional rout as rate-cut hopes fade
Singapore shares were not spared the rout on Wednesday (Jan 17) as key regional bourses swam in a sea of red.
This came as investors realised that early interest rate cuts might not materialise, with central bank officials pushing back on such bets.
$FTSE Singapore Straits Time Index(.STI.SG$ ended 42.77 points or 1.3 per cent lower at 3,142.22, with 27 out of the 30 component stocks closing in the red. The only counter that ended higher was $SGX(S68.SG$ , which was up 0.1 per cent to S$9.64.
Share prices of offshore and marine player $Seatrium(S51.SG$ and alcohol maker $Emperador Inc(EMI.SG$ were unchanged at S$0.113 and S$0.51, respectively.
Across the broader market, decliners beat gainers 413 to 173, with some 1.2 billion securities with a total value of S$1.2 billion changing hands.
Shares of in-flight caterer and ground handler $SATS(S58.SG$ were 0.7 per cent lower at S$2.87 on Wednesday. Earlier in the day, it announced that it had issued US$500 million worth of senior unsecured notes due 2029 at 4.828 per cent. The company said the proceeds will be used to refinance part of the group’s one billion euro (S$1.5 billion) bridge loans, saving S$8.8 million in interest expenses.
Shares of $17LIVE GROUP(LVR.SG$ have been on a downward trajectory since the company’s business combination with Vertex Technology Acquisition Corp. The livestreaming platform’s counter closed 9.2 per cent lower at S$1.18 on Wednesday.
It has tumbled from its first trading day post-combination closing price of S$3.15 on Dec 8, 2023, erasing about 62.5 per cent in market value during this period.
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ShunFeng : 2023 SembCorp and Keppel is
. 2024 belong to Sats and Seatrium.
BullBBear ShunFeng: Mai tu Liao, ga ga lai