Falls in Keppel, Jardine drag STI below 3,500

THE Straits Times Index (STI) on Tuesday sank 20.76 points to 3,495.09 weighed down by falls in Keppel Corp and the Jardine stable. Turnover was 1.7 billion units worth S$1.36 billion for a unit average of S$0.80 - the highest in 10 days - and excluding warrants, there were 182 rises versus 268 falls.

Once again a surge in Hong Kong did not have any positive effect here, the local market continuing to run on its own steam, possibly influenced by caution ahead of this week's US Federal Open Market Committee meeting which ends on Wednesday. It should be noted, however, that Hong Kong surrendered almost all of its gains before it closed.

Keppel's S$0.23 or 2.6 per cent fall to S$8.77 came with 7.7 million shares traded and cut about four points off the STI.