STI weakens for second straight day
Index falls 16.56 points amid selloff in China shares and depressed Dow futures, with OCBC leading the banks lower
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THE simple reason for the Straits Times Index's 16.56-point loss at 2,603.4 on Thursday was that it was in response to a 6.4 per cent fall in the Shanghai Composite and weakness in the Dow futures which signalled a down session for Wall Street ahead.
An equally possible explanation however, was that the short-covering bounce of the past fortnight had run its course, opening the door to a fresh bout of selling as traders capitalised on weak sentiment and oil-related recession fears.
Whatever the explanation, the STI's loss was its second in succession, bringing its two-day fall to almost 70 points, or 2.6 per cent.
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