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Singapore shares close lower; STI dragged down by selling of DBS, OCBC

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SELLING of DBS and OCBC on Tuesday meant that the Straits Times Index (STI) finished the session 1.77 points lower at 2,911.31. Turnover, which dipped below S$1 billion on Monday for the first time in about a month, amounted to 1.6 billion units worth S$977 million. 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, the latter because of higher US interest rate expectations.

DBS, which closed at S$15.13 on the eve of the US elections on Nov 7, finished 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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