Singapore stocks hover near bear market as shares fluctuate

A man passing a stock index board showing property developer Capitaland losing 6.67 per cent at the Singapore Exchange in the central business district on Aug 24, 2015.
A man passing a stock index board showing property developer Capitaland losing 6.67 per cent at the Singapore Exchange in the central business district on Aug 24, 2015. PHOTO: REUTERS

SINGAPORE (BLOOMBERG) - Singapore's stocks fluctuated on Tuesday (Aug 25), with the Straits Times Index hovering near a bear market, as Noble Group rebounded while Thai Beverage led declines.

The benchmark gauge added 0.6 per cent to 2,861.54 as of 9:15 am local time, after sliding as much as 1.2 per cent on opening. It's down more than 19 per cent from an April peak, endangering a bull market that's stretched for almost four years.

Noble Group jumped 4.9 per cent on Tuesday, while Thai Beverage lost 5.5 per cent.

Shanghai stocks tumbled 6.41 per cent at the opening on Tuesday, brushing aside a 2 per cent bounce in S&P 500 futures.

More than US$8 trillion has been wiped from the value of equities around the world since China unexpectedly devalued the yuan on Aug. 11, intensifying concern about the outlook for the world's second-biggest economy and its repercussions for the world economy. The Standard & Poor's 500 Index on Monday capped its steepest two-day drop since 2008.