The Singapore stock market has alternated between positive and negative finishes through the last five trading days since the end of the two-day winning streak in which it had collected more than 50 points or 1.5 percent. The Straits Times Index now rests just above the 3,280-point plateau, and the market is looking at continued consolidation again on Thursday.
The global forecast for the Asian markets is fraught with concern over the health of the Chinese stock market, which has plummeted in recent weeks despite a series of market-stabilizing measures by authorities. Uncertainty regarding the Greek debt situation adds to the negative sentiment. The European markets were up and the U.S. bourses were down, and the Asian markets also figure to open in the red.
The STI finished sharply lower on Wednesday following losses from the financials, properties, plantations and industrials, among others.
For the day, the index tumbled 55.94 points or 1.67 percent to finish at 3,284.99 after trading between 3,274.23 and 3,335.37. Volume was 1.82 billion shares worth 1.61 billion Singapore dollars.
Among the actives, Ascendas REIT shed 1.64 percent, while CapitaLand lost 3.97 percent, Hongkong Land tumbled 4.70 percent, DBS Group fell 1.57 percent, United Overseas Bank was down 1.92 percent, Golden Agri-Resources slid 2.50 percent, Noble Group retreated 2.80 percent, SingTel added 0.23 percent and SembCorp Marine dropped 1.76 percent.
The lead from Wall Street is broadly negative as stocks showed a substantial move to the downside on Wednesday after rebounding in the previous session.
The Dow tumbled 261.49 points or 1.5 percent to 17,515.42, while the NASDAQ plunged 87.70 points or 1.8 percent to 4,909.76 and the S&P 500 plummeted 34.65 points or 1.7 percent to 2,046.69.
The sell-off came as Chinese stocks extended their recent steep decline. Almost half of China's roughly 2,800 listed firms announced trading halts as increasing signs of deleveraging drove down stocks across the board. There were fears that a prolonged slump would cause systematic risk for the country's financial system.
Traders also kept an eye on the latest developments regarding the Greek debt crisis after European leaders set Sunday as the final deadline for Greece to reach an agreement on a new bailout.
Some additional negative sentiment was generated by news that the New York Stock Exchange temporarily suspended trading in all symbols due to an internal technical issue.
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