SINGAPORE: Another day, another new low, though in the end it could have been a lot worse.
The Straits Times Index (STI) on Tuesday fell for a fifth consecutive session to reach a fresh 38-month low of 2,787.94, its 3.98-point loss coming in the wake of a large – but not wholly unexpected – blowout on Wall Street that triggered selling pressure throughout the region.
However, a rebound in the Dow futures late in the afternoon ensured that the STI rebounded significantly off its intraday low of 2,740. This means that the index rose 47 points in the afternoon.
Over in Hong Kong, trading resumed after a public holiday on Monday, with the Hang Seng Index plunging 3 per cent. In China, the Shanghai Composite Index fell 2 per cent; and in Japan, the Nikkei 225 ended 4 per cent weaker.
