STI dragged lower by DBS, OCBC selling
Index could range between 2,900 and 2,960 unless there's a window-dressing rally next week: CMC Markets
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SELLING of DBS Group and OCBC Bank shares on Tuesday meant the Straits Times Index (STI) finished the session 1.77 points lower at 2,911.31. Turnover, which dipped below one billion units on Monday for the first time in about a month, amounted to 1.6 billion units worth S$977 million and, excluding warrants, there were 175 rises versus 270 falls.
Two factors were said to be responsible for the drop in volume - the start of the holidays, and a flight of capital out of emerging markets into the US dollar because of higher interest-rate expectations.
DBS, which closed at S$15.13 on the eve of the US elections on Nov 7, closed at a 52-week high of S$18.32 on Dec 7, a gain of S$3.19 or 21 per cent in four weeks. On Tuesday, it fell S$0.15 to S$17.55 on volume of 5.9 million.
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