Singapore stocks hit hard

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SGX brokersSingapore stocks tumbled by the most among developed markets in August as investors pulled retreated from Southeast Asia on concern about the future of global stimulus.

Singapore’s Straits Times Index, the benchmark for the region’s biggest market, dropped 7.5 per cent in the 10 days through August 28, its longest losing streak since 2002, according to Bloomberg data. All over August, the index slumped 6 per cent, which makes the worst performance among the world’s developed equity markets.

The Straits Times Index has slumped 12 per cent since US Federal Reseve Chairman Ben S. Bernanke said on May 22 the central bank may start tapering $85 billion in monthly US bond purchases if the world’s biggest economy improves.

Shares listed in Singapore are worth $558.4 billion, compared with $455.4 billion for Malaysia, the second-biggest equities market in the region.

Singapore’s currency so far has remained stable. The Singapore dollar fell 0.3 per cent against the U.S. dollar last month, compared with a 5.9 per cent decline for the Indonesian rupiah, a 2.8 per cent drop for the Thai baht, a 2.5 per cent slide for the Philippine peso and a 1.2 per cent loss for the Malaysian ringgit.

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Reading Time: 1 minute

Singapore stocks tumbled by the most among developed markets in August as investors pulled retreated from Southeast Asia on concern about the future of global stimulus.

Reading Time: 1 minute

SGX brokersSingapore stocks tumbled by the most among developed markets in August as investors pulled retreated from Southeast Asia on concern about the future of global stimulus.

Singapore’s Straits Times Index, the benchmark for the region’s biggest market, dropped 7.5 per cent in the 10 days through August 28, its longest losing streak since 2002, according to Bloomberg data. All over August, the index slumped 6 per cent, which makes the worst performance among the world’s developed equity markets.

The Straits Times Index has slumped 12 per cent since US Federal Reseve Chairman Ben S. Bernanke said on May 22 the central bank may start tapering $85 billion in monthly US bond purchases if the world’s biggest economy improves.

Shares listed in Singapore are worth $558.4 billion, compared with $455.4 billion for Malaysia, the second-biggest equities market in the region.

Singapore’s currency so far has remained stable. The Singapore dollar fell 0.3 per cent against the U.S. dollar last month, compared with a 5.9 per cent decline for the Indonesian rupiah, a 2.8 per cent drop for the Thai baht, a 2.5 per cent slide for the Philippine peso and a 1.2 per cent loss for the Malaysian ringgit.

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