Early momentum fades, STI ends lower

SLIGHT follow-through buying of the banks on Thursday first helped the Straits Times Index record a 14-point rise to an intraday high of 3,250 but the momentum was lost once the Dow futures dipped into the red and the index finished the day a net 9.01 points weaker at 3,227.14.

Helping in the morning push was a Wednesday bounce on Wall Street that came on hopes that the Trump administration's tax reform plans would give a boost to the economy and corporate sector. Among the proposals is a reduction in corporate tax from 35 to 20 per cent.

Turnover here was 2.1 billion units worth S$1.3 billion, the highest of the week so far. The advance-decline score excluding warrants was 184-212.