Market Update: STI down 1.22% on concerns over COVID-19 cases spike

The Straits Times Index (STI) extended its losses as it closed down by 39 points or 1.22% at 3,153.17 on Wednesday. This is due to Asian markets’ growing concerns over resurgence of COVID-19 outbreaks, weighing on global investor sentiment.

Bottom performers for the day were Keppel with a $5.30 or 2.75% in loss, DBS Group which went lower by 2.24% or $28.37, and City Developments which declined 2.12% or $7.86.

About 1.81-billion securities worth $1.53b changed hands, with stock losers outnumbering gainers, 324 to 186.

Aside from fears of renewed outbreaks, Asian markets were also a sea of red today as US equities worsened its reverses from last week’s record highs.

Meanwhile, major New York indexes reversed their two-day skid as small-caps surge and people look past the fear of COVID-19 resurgence.

S&P 500 closed the week 0.93% or 38.48 points higher at 4,173.42. Dow Jones Industrial rose 0.93% or 316.01 points at 34,137.31, whilst the NASDAQ grew 1.19% or 163.95 points at 13,950.22.

The London blue-chip index also ended higher amidst gains in stocks of AstraZeneca, BP, and Royal Dutch Shell.

FTSE 100 edged up 0.52% or 35.42 points to close at 6,895.29, whilst FTSE 250 inched down 0.10% or 22.82% to close at 22,085.73.