STI holds up well as broad market sags
Barron's suggests Fed may raise rates even if equities and bonds move lower; TalkMed crashes amid disciplinary case against CEO
WALL Street's Tuesday slide brought some pressure to bear on local stocks on Wednesday, but as far as the Straits Times Index was concerned the selling was well-absorbed.
After losing 16 points at one stage, the STI finished a net 3.83 points lower at 3,215.70.
The broad market, however, underwent a soft session, finishing with 142 rises versus 288 falls excluding warrants. Turnover was 2 billion units worth S$1.1 billion versus S$936 million on Tuesday.
In the banking sector, shares of OCBC ended S$0.02 higher at S$10.75 on volume of 4.7 million. UOB-Kay Hian in its "buy" on the stock said OCBC had a consistent strategy of divesting non-core assets and re-investing in its core wealth management business and high-growth emerging markets such as Indonesia and China. "Our target price of S$11.70 is based on 1.3x 2017 forecast price/book d…
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