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THE closure of Wall Street for the July 4 celebrations meant the local market on Tuesday had to rely on Hong Kong for direction. As a result, with the Hang Seng Index sliding 1.5 per cent, its largest one-day fall so far this year, the Straits Times Index (STI) finished a largely forgettable session, nursing a 12.29 points loss at 3,211.17.
The broad market recorded 163 rises versus 248 falls, excluding warrants, and the volume done was a weak 1.5 billion units worth S$893 million.
No specific reason could be found for the selling in Hong Kong other than the fact that the index had risen sharply in the first half of the year, gaining 17 per cent between January and May.