Singapore shares close weaker on US rate hike worries; telcos hit

  • THE possibility that US interest rates may be raised sooner rather than later and the possible entry of a fourth telco weighed on sentiment this week, dragging the Straits Times Index (STI) 54 points or 1.9 per cent down to 2,803.92.
  • These fears arose after comments last week by US Federal Reserve chair Janet Yellen at Jackson Hole, Wyomming and have kept a lid on Wall Street stocks and bonds.
  • Here, Singtel was the index’s main loser following developments that have raised the likelihood of a fourth telco entering the segment. On Friday, the stock plunged S$0.10 to S$3.87 on volume of 55.4 million, the largest contributor to the STI’s 12.55 points loss that day. For the week, Singtel lost S$0.35 or 8.3 per cent.

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