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 lowerat 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 wasup 0.1 per centto S$9.64.
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 lowerat 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 counterclosed 9.2 per cent lowerat 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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