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Singapore stocks close weaker after Brexit vote
THE week kicked off with markets tentatively in "risk on" mode as opinion polls suggested the UK would vote to stay within the European Union. It ended with markets firmly in "risk off" mode on Friday as UK polling results started streaming in, stocks across the region tanked, with the selling gathering pace as more results were announced.
With the Nikkei crashing almost 8 per cent and the Hang Seng Index plunging 3 per cent, and with the British pound sinking to its lowest in 30 years against the US dollar, the Straits Times Index stood little chance, collapsing 58.46 points or 2.1 per cent on Friday to 2,735.39. For week it lost 28 points or just over one per cent.
Friday's volume of 1.4 billion units worth S$1.8 billion was the highest since May 31 when the volume was S$1.97 billion which was boosted by month-end window-dressing. The entire market only managed 89 rises versus 341 falls excluding warrants - almost four falls for each rise.