Singapore stocks fall for second day on global woes

Slump in global crude prices weigh on investor sentiment.

Singapore stocks trader
A share market trader in Singapore Reuters

Singapore equities fell for a second straight session on Wednesday, tracking weakness in other Asian peers as oil prices plunged on concerns over global supply glut.

The Straits Times Index fell 0.89 percent or 28.7 points to 3,201. It ended 0.52 percent lower on Tuesday.

The losers included telecom firm Singtel, which lost 1.06 percent and transport company ComfortDelGro that declined 1.63 percent. United Overseas Bank dropped 0.91 percent.

Among the gainers, Uni-Asia Group and Isetan rose 8.9 percent and 2.5 percent respectively. About 2.2 billion shares worth S$1.1 billion changed hands, with losers outnumbering gainers 275 to 153.
World stocks declined after oil slumped to seven-month lows on rising global supply and spurred demand for safe haven assets like the yen and gold.

Investors will be keeping a close eye on Federal Reserve officials making appearances throughout the week, which includes Jerome Powell, James Bullard and Loretta Mester.