Heavy selling hits STI
This comes ahead of expected Tuesday collapse on Wall St; index is in negative territory for year so far
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THE bottom fell out of the local stock market on Tuesday, partly because of an impending change to the liquidity rules of the Straits Times Index (STI), but mainly for reasons unknown.
The only hypothesis dealers could offer was that the 51.36-point or 1.5 per cent plunge by the STI at 3,340.75 came ahead of a Tuesday collapse on Wall Street. (Movements here have often anticipated movements in the US market.)
Whatever the case, the fall took the STI into negative territory for the year to date. It is now 25 points or 0.7 per cent down for 2015.
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