THE local stock market shrugged off Wednesday's all-time high for the Dow Jones Industrial Average, opting instead to focus on a fall in the Dow futures and a 1.2 per cent loss for Hong Kong that came after a 3.5 per cent drop in oil prices and news that US President Donald Trump is under investigation for possible obstruction of justice.

Banks were the main victims in the 21.34-point or 0.7 per cent loss at 3,232.09 sustained by the Straits Times Index on Thursday, a fall that occurred with trading volume of 2.2 billion units worth S$1.1 billion - the highest so far this week.

The broad market registered 148 rises versus 302 falls, excluding warrants. The FTSE ST Financials Index lost 0.8 per cent at 906.68.