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

Published Wed, Jun 28, 2017 · 09:50 PM

Singapore Stocks

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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