Singapore stocks close lower after Yellen speech; STI drops 1%

SINGAPORE shares fell on Monday as expectations of interest rate hikes rose following remarks by US Federal Reserve chairwoman Janet Yellen.

The Straits Times Index dropped one per cent, or 28.22 points, to end the session at 2,829.43 amid light volume.

A total of 719.2 million shares worth S$733.8 million changed hands. Losers outnumbered gainers 248 to 141, or about seven down for every four up.

Almost all the key index stocks closed the day lower. Singapore Telecommunications fell 2.37 per cent, or 10 Singapore cents, to close at S$4.12. United Overseas Bank retreated by 0.28 per cent, or five Singapore cents, to finish at S$18.00, while DBS Group declined by 0.46 per cent, or seven Singapore cents, to close at S$15.03. OCBC Bank headed out at S$8.58, lower by 0.46 per cent, or four Singapore cents.