DBS pullback leaves STI weaker

THE three banks have virtually single-handedly driven the Straits Times Index up about 62 points or 2 per cent on Tuesday and Wednesday, so it comes as no surprise that two of them eased on Thursday. DBS's pullback as it went ex-dividend was largely responsible for a 9.19-point drop to 3,228,62.

DBS's S$0.38 fall to S$20.45 on volume of 5.9 million cut 8.7 points off the index. OCBC dipped two cents to S$10.16, while UOB managed to gain six cents at S$23.30 after an intraday low of S$23.05.

Hectic trading of the banks - largely based on expectations that the worst is over for them - has helped shore up dollar volume, although there are signs that this is slipping back.