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Market Update: Singapore Shares Trade Near 1-Month Low
The STI plunged 29 points or 0.9% to a near one-month low of 3,115 in early trade on Monday after US stocks slumped on Friday, with the S&P 500 hitting its worst weekly loss since February, after the Fed indicated that it may raise short-term interest rates twice by late 2023, earlier than expected. The central bank also began talks about slowing its bond-buying program. Meantime, St. Louis Fed President James Bullard said that the first-rate increase may come as soon as next year. On the pandemic front, there were eleven new infections in Singapore on Sunday, including three clusters, bringing the size of the cluster to 73 cases and taking the total virus tally to 62,414. On the corporate front, Malaysian conglomerate Sunway is looking to sell 20 to 25% of the equity in its healthcare business to Singapore’s sovereign wealth fund GIC, according to the Edge Weekly. Jardine Matheson Holdings and Hongkong Land Holdings Ltd retreated 2.6%, each. [/s2If]
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