Roundup: Singapore stocks end down 1.18 pct on Wednesday
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E-mail Xinhua, March 18, 2020
SINGAPORE, March 18 (Xinhua) -- Singapore shares closed 1.18 percent lower on Wednesday, as investors' fear of deep recession grew after the United States unveiled a trillion U.S. dollar fiscal package.
The U.S. markets soared overnight as President Donald Trump's administration would pursue multiple economic stabilizing measures, including a trillion U.S. dollar stimulus package of tax breaks, cash handouts and health subsidies to cushion the economic blow of the COVID-19 epidemic.
The U.S. Federal Reserve also invoked emergency authority to reinstate commercial paper funding facility, and U.S. Treasury will provide 10 billion U.S. dollars of credit protection to Federal Reserve
Meanwhile, crude oil prices continued to fall as Saudi Arabia reportedly would increase exports to a record 10 million barrels a day and Canadian oil sands producers delayed maintenance to continue pumping crude.
MayBank-Kim Eng Retail Research said "technically, immediate resistance for the Straits Times Index is at 2,530 points and 2,670 points, with back-stops at 2,400 points and then 2,230 points."
Singapore's benchmark Straits Times Index fell 28.91 points to 2,425.62 points. Trading volume was 2.65 billion shares worth 2.33 billion Singapore dollars. Decliners outnumbered advancers 384 to 150.
Genting Singapore sank 9.68 percent to 56 Singapore cents. It warned that its first-quarter and first-half financial results would be adversely impacted by the coronavirus outbreak as more countries imposed travel restrictions and advisories.
Resorts World Sentosa has experienced a significant drop in visitor attendance and revenue across all its facilities, including attractions, hotels, restaurants, conference and convention facilities, and casinos. To help control costs, managerial staff and directors will take a 9-18 percent pay cut.
Among top gainers, Singapore Exchange rose 2.08 percent to 8.35 Singapore dollars, while Jardine Strategic became one of the top losers by falling 3.55 percent to 21.20 U.S. dollars. (1 U.S. dollar equals to 1.44 Singapore dollars) Enditem
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