SINGAPORE, March 22 (Xinhua) -- Singapore shares closed 1.28 percent lower on Wednesday, as investors dumped shares amid growing doubts over Donald Trump's economic growth agenda.
U.S. markets suffered their biggest one day slide since Donald Trump's election victory in November. Investors saw the Trump administration's struggles to push through the healthcare overhaul as a sign he may also face problems delivering promised corporate tax cuts and infrastructure plan. Expectations of his economic stimulus have been a major driver behind rallies in Wall Street and other stock markets.
DBS Group Research said "we see limited short-term upside for the Singapore equity market. Our view remains that 3,200 points is a formidable short-term resistance."
Singapore's benchmark Straits Times Index fell 40.38 points to 3,118.19 points. Trading volume was 2.46 billion shares worth 1.27 billion Singapore dollars. Decliners outnumbered advancers 364 to 138.
Triyards Holdings plunged 17.5 percent to 23.5 Singapore cents. As the 60-percent-owned subsidiary of beleaguered offshore company Ezra Holdings, Triyards said it is in the midst of assessing the potential impact of Ezra's recent bankruptcy filing on the group. At this stage, it does not have a problem continuing as a going concern.
But it admitted as a result from the Chapter 11 Filing made in the U.S. by Ezra, there may be "certain financial institutions" which provided Triyards borrowings, and could seek to "assert (their) rights." This includes demanding immediate repayment and termination or withdrawal of about 8.5 million U.S. dollars outstanding loan made under an unnamed bank.
Among the top gainers, M1 Limited rose 0.9 percent to 2.17 Singapore dollars, whereas Jardine Matheson became one of the top losers by falling 1.9 percent to 65.45 U.S. dollars. (1 U.S. dollar equals to 1.40 Singapore dollars)
