[SINGAPORE] Singapore stocks tumbled, with the benchmark Straits
Times Index heading for its biggest decline since June 2013 amid
concerns China's currency devaluation will hurt bank earnings and slow economic growth.
The Straits Times Index sank 2.5 per cent to 3,075.27 as of 10:37 am
in Singapore, the most in the Asia-Pacific region. DBS Group Holdings
Ltd, Oversea-Chinese Banking Corp and United Overseas Bank Ltd, the
nation's three key lenders, slumped at least 2.9 per cent, among the
eight biggest decliners on the benchmark measure.
Singapore banks have been making inroads into China and the People's
Bank of China's move to devalue its currency will hurt their earnings,
according to Daiwa Securities Group Inc. The yuan was headed for its
biggest two-day drop in 21 years after the PBOC's reference rate was cut
to the weakest level since 2012.
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