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
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
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."
Copyright SPH Media. All rights reserved.
TRENDING NOW
Vietnam formalises new state leadership, redefining ‘four pillars’ power balance
‘Largest Singapore commercial S-Reit proxy’: analysts say buy CICT shares after Paragon acquisition
From 1MDB to ‘corporate mafia’: Is Malaysia facing a new governance test?
Why where you park your joint venture matters: Lessons from a US$689 million shareholder dispute
