Europe opens firm but stocks here weaken
Sell-off in Noble and drops in UOB, OCBC, Keppel drag down STI; volume is a mediocre 1.2 billion units worth S$1 billion
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THE Straits Times Index (STI) on Tuesday dropped 14.46 points to 3,211.65, dragged down by a sell-off in Noble Group, banks UOB and OCBC, and Keppel Corp. It made for a weak session here with 147 rises against 236 falls on a day when Hong Kong closed sharply higher and Europe opened in the black probably in reaction to a rise in the US futures market.
Noble's six-cent fall to S$1.185 came with 50.2 million shares traded and cut three points off, while drops in the two banks added a loss of 4.4 points. Keppel's 13-cent dip to S$9.31 accounted for 2.2 points.
"For some reason, Singapore is being sold off when others in the region are holding firm," said a dealer. "Either a big fund is exiting, or earnings are not expected to be great."
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