HK reversal hits STI in shortened session

THE suspension of trading until 12.30 pm on Wednesday because of a software glitch only delayed the inevitable onset of weakness, the Straits Times Index first bouncing up 13 points to an intraday high of 3,335 but eventually slumping to a net loss of 18.93 points or 0.6 per cent at 3,303.39.

Turnover was 1.2 billion units worth S$875.4 million, lower than the S$1 billion average of the past couple of weeks because of the loss of the first 3½ hours' worth of trading. Excluding warrants, there were 139 rises versus 268 falls.

Among the banks OCBC stood out with a S$0.14 loss at S$10.25 which came with 4.6 million traded. There was renewed weakness in the offshore oil sector, with Keppel Corp dropping S$0.09 to a three-year low of S$8.44 on volume of 6.4 million, and pressure also on Sembcorp Marine and Sembcorp Industries.