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Market Update: Singapore Stocks Stay in the Red
The STI dropped 3 points or 0.1% to a near one-month low of 3,115 in late trade on Tuesday, extending the prior session’s losses, amid lingering worries over tighter monetary policy in the US sooner than previously thought. 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. Locally, more than 140,000 employers in Singapore will get S$2.2 billion under the Jobs Support Scheme from June 30th, aimed at supporting the wages of over 2 million local employees, amid the ongoing pandemic. In business news, US-headquartered semiconductor manufacturer GlobalFoundries announced that it will build a new fabrication plant in Singapore to meet the unprecedented global demand for chips. Genting Singapore retreated 0.6%, while OCBC declined 0.4%. [/s2If]
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