Singtel, banks lead fall below 2,800 level

THE Straits Times Index on Monday kicked off the week on a distinctly poor note, dropping 40.72 points or 1.4 per cent to 2,791.92, its lowest close since June 2012.

The slide was led by falls in Singtel, the banks and several other index heavyweights, prompting speculation that it was selling by large funds ahead of the end of the third quarter which ends on Wednesday.

Turnover done in index components amounted to S$703.2 million, which in dollar terms was 73 per cent of the entire market's business of 950 million units worth S$965.3 million. With the index displaying such weakness, it came as no surprise that the advance-decline score was 108-295, excluding warrants.