Singapore market loses steam, snaps six-session winning streak

THE Straits Times Index (STI) ran out of steam in mid-afternoon on Tuesday, and closed 0.1 per cent or 2.8 points down at 2,794.17, snapping a six-session winning streak.

The benchmark index had opened higher in the morning but went downhill from mid-afternoon, even as it recovered some losses towards the end of the trading session.

One counter's gain is another's loss. Conglomerate Sembcorp Industries' proposal to hive off its loss-making marine arm Sembcorp Marine helped add S$0.56 or 36.6 per cent to the parent company's share price, which closed at S$2.09. In contrast, the offshore and marine player's share price dropped S$0.23 or 27.1 per cent to S$0.62, after it made known the intention to add up to 10.5 billion new shares through a rights issue to raise S$2.1 billion.