Singapore Stocks Hover Near Bear Market as Shares FluctuateBy
Singapore’s stocks fluctuated, with the Straits Times Index hovering near a bear market, as Noble Group Ltd. rebounded while Thai Beverage Pcl led declines.
The benchmark gauge added 0.6 percent to 2,861.54 as of 9:15 a.m. local time, after sliding as much as 1.2 percent. It’s down more than 19 percent from an April peak, endangering a bull market that’s stretched for almost four years. Noble Group jumped 4.9 percent Tuesday, while Thai Beverage lost 5.5 percent.
More than $8 trillion has been wiped from the value of equities around the world since China unexpectedly devalued the yuan on Aug. 11, intensifying concern about the outlook for the world’s second-biggest economy. The Standard & Poor’s 500 Index on Monday capped its steepest two-day drop since 2008. There were some signs of respite Tuesday, with S&P 500 futures rebounding 2 percent.
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