OCBC profit fall sparks bank selloff
STI falls 1.3%, its biggest single-day drop this year; rotational playing of penny stocks continues
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US PRESIDENT Donald Trump's promise of a "phenomenal" tax plan may have driven Wall Street to new highs on Monday but in Singapore, a bank selloff on Tuesday after OCBC reported its latest results, led to a 39.16 points or 1.3 per cent loss for the Straits Times Index at 3,072.47 - its biggest single-day drop of 2017.
Volume was above average at 3.3 billion units worth S$1.47 billion, with continued rotational playing of penny stocks providing a significant outlet for the market's speculative energies. The advance-decline score excluding warrants was 176-310.
OCBC on Tuesday reported an 18 per cent drop in net profit to S$789 million for the fourth quarter ended Dec 31, 2016, and an 11 per cent fall in full-year net profit to S$3.47 billion.
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