Singapore shares close lower on continued bank weakness
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
WEAKNESS in the three banks following fresh concerns over their oil and gas (O&G) sector exposure was the main factor behind the 15.98-point loss the Straits Times Index suffered on Wednesday at 3,278.95. It did, however, manage to rebound almost 20 points off its intraday low of 3,259.
A fair bit of this recovery was from OCBC, which sank to S$11 before closing with only a S$0.02 loss at S$11.19 on volume of 5.2 million. Losses in the three banks cut 12 off the STI, with Jardine stocks also featuring prominently.
The market's turnover amounted to 1.74 billion units worth S$1.2 billion, of which S$246 million or 21 per cent came from trading of the banks. The advance-decline score excluding warrants was 168 to 262.
Copyright SPH Media. All rights reserved.
TRENDING NOW
‘Boring’ is the new black: The stars are aligning for a Singapore stock market revival
Near sell-out launches in March boost developer sales to 1,300 units after four slow months
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Genting Singapore’s Lim Kok Thay receives S$7.5 million pay package for FY2025
