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Market Update: Singapore Shares Extend Losses
The STI fell 8 points or 0.3% to a near one-month low of 3,110 in early trade on Tuesday, extending the prior session’s losses, amid worries over tighter monetary policy in the US sooner than previously thought. The Fed last week also mentioned that it began talks about slowing programs meant to keep longer-term rates low. Meanwhile, Fed chair Jerome Powell said in written testimony to be delivered later in the day at a congressional oversight hearing that the US economy is growing at a healthy clip on the back of accelerated inflation. On the pandemic front, there were 16 new infections in Singapore at noon Sunday, taking Singapore’s total tally of COVID-19 to 62,430. Traders now look toward the release of Singapore’s industrial output for May later in the week. Venture Corporation Ltd sank 2.3%, while DBS Group Holdings Ltd shed 0.8%. [/s2If]
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