Singapore shares rebounded on Tuesday as investors hunted for bargains after 4.3 per cent plunge the day before, but analysts are convinced this is simply a blip with more declines to come. The benchmark Straits Times Index gained 42.9 points, or 1.51 per cent, to close at 2,886.29.
The three-month Singapore interbank offered rate (Sibor), which is used to set interest rates on mortgages, spiked to a fresh five-month high of 1.00208 per cent on Tuesday (Aug 25) from 0.9960 per cent the day before. Since January, the three-month Sibor has more than doubled. It touched its highest level of 1.02705 per cent on April 9.
Seven more Singapore companies have pledged to adopt sustainable and responsible business practices under a UN initiative. They were the latest signatories to the United Nations Global Compact (UNGC), which espouses 10 principles in the areas of human rights, labour, environment and anti-corruption.
The Malaysian ringgit fell further on Tuesday (Aug 25), into uncharted territory against the Singapore dollar. It slumped to a low of 3.0303 to the Singdollar at 8:12am before recovering to trade at 3.0194 at 8:45am.
Chinese stocks tumbled again on Tuesday (Aug 25) on fears the government is abandoning market support measures, despite a more than 8 per cent plunge on Monday that sent shockwaves through global financial markets.
Alibaba Group Holding Ltd's chief executive officer exhorted employees on Tuesday to ignore plunging stock markets after the e-commerce giant's shares fell below their initial public offering price for the first time.