Index loses grip on early gains
STI ends in loss territory despite Singtel rise adding 8.6 points
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THE Straits Times Index (STI) on Thursday fell 4.84 points to end at 3,345 in overall weak trading that saw the whole market record 140 rises versus 298 falls, excluding warrants. Turnover was better than average at 1.7 billion units worth S$1.6 billion. The fall increased the index's loss for the year to 20 points or 0.6 per cent.
It was possible that Wall Street's overnight rise helped elevate the index early in the session, but a soft opening for Europe ensured a sell-off in the final hour that took the index into negative territory.
Most observers said the heat on stocks is originating from pressure on European and US bonds that has sent yields sharply upwards.
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