Jardines and banks lag as STI bucks regional trend

SINGAPORE equities were mostly lower on Monday, bucking the regional trend, with the Straits Times Index's (STI's) heavyweights - with the exception of Singtel - among the laggards.

The local benchmark retreated 5.95 points or 0.2 per cent to close at 3,187.97. Jardine Matheson Holdings (down US$2.52 or 4.5 per cent to US$53.70) and Jardine Strategic Holdings (down US$0.85 or 2.7 per cent to US$30.90) were the main contributors to the STI's sub-par showing.

The banking trio also played their part in the STI's relative underperformance to regional benchmarks. DBS Group Holdings dropped S$0.12 or 0.5 per cent to S$25.13, OCBC Bank eased S$0.03 or 0.3 per cent to S$10.75, while United Overseas Bank closed at S$25.77, down S$0.05 or 0.2 per cent.