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Selloff in banks sends STI down 1.3%

Hedge funds which pushed the sector up last month to window-dress their performance appear to have cashed out

Business done in the three banks was worth S$168 million or 20 per cent of the entire market's turnover.

IT was the banks that supported the Straits Times Index for most of 2014 and so it shouldn't come as any surprise that it was a bank selloff that pulled the index 42.31 points or 1.3 per cent lower on Monday to 3,328.28, the first proper trading day of 2015 after last week's holidays. Turnover