Banks' price retreat pulls down STI
Oil-affected counters manage to hold their ground after having been battered for several days
THE three Singapore banks have propped up the Straits Times Index (STI) and ensured its outperformance in the past fortnight as other markets tanked in the wake of sliding oil prices. So it was perhaps only to be expected that a collapse in the banks on Tuesday sent the index reeling by 79.05 points or 2.4 per cent to 3,215.09.
Turnover was a relatively heavy 1.2 billion units worth S$1.45 billion, of which S$522 million or 36 per cent was done in the 30 STI stocks. The value of business done in the banks amounted to S$321 million, roughly 22 per cent of the whole market's dollar volume. Excluding warrants, the market could muster only 96 rises versus 337 falls.
Persistent weakness in oil has been cited as the main reason for the turmoil in stock markets - Hong Kong's Hang Seng Index on Tuesday dropped 1.6 per cent and the Nikkei fell 2 per cent.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
S&P slashes Boeing credit outlook as rating hovers above junk status
Honda to spend US$11 billion on EV strategy in Canada
GlaxoSmithKline sues Pfizer and BioNTech over Covid-19 vaccine technology
Mapletree Industrial Trust Q4 DPU rises 0.9% to S$0.0336
Nasdaq’s profit falls as shaky economy keeps IPO revival elusive
iFast Q1 net profit surges on ePension unit performance