Singapore shares slide 0.76% on interest rate hike worries after Fed meeting
Published on Mar 20, 2014 7:50 PM
SINGAPORE shares slipped on Thursday due to rising worries of an earlier-than-expected interest rate hike following a United States central bank policy meeting.
The benchmark Straits Times Index (STI) dropped 23.55 points, or 0.76 per cent, to 3,057.20 for its second straight session in negative territory. Some 1.6 billion worth $1.1 billion changed hands.
Losses were more pronounced in other major Asian markets, with Japan sliding 1.65 per cent, Hong Kong tanking 1.79 per cent and Shanghai slipping 1.40 per cent.
The sea of red was sparked by overnight comments by US Federal Reserve chairman Janet Yellen that the central bank might end its massive bond-buying programme this year, and could start to raise interest rates around six months later.
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