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Singapore shares close weaker

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Political posturing and the threat of war between the US and North Korea were pushed aside this week, overshadowed by concerns over the local banks' exposure to the ailing oil and gas (O&G) sector, domestic political worries in the US surrounding escalating racial tensions and a terror attack in Barcelona.

MONDAY's 29-point bounce for the Straits Times Index may have been too much too soon - on Tuesday, the STI's recovery from last week's North Korea-triggered selloff ran out of steam when it finished a net 13.76 points weaker at 3,294.93.

Earlier in the day the index had tried to extend its recovery when it rose 10 points, but with pressure on the banks, the attempt ultimately failed. The reversal was in line with a similar move in Hong Kong and was said to have been due to caution over the US-North Korea standoff.

Turnover amounted to a low 1.7 billion units worth S$1.13 billion and excluding warrants, there were 204 rises versus 294 falls.

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