Market weighed down by bank stocks
Sentiment hit by a combination of adverse factors, resulting in ST Index suffering its third consecutive fall
Add BT as a preferred sourceTHE Straits Times Index (STI) on Thursday drifted to a 12.73-point loss at 2,848.46, amid low volume of 990.4 million units worth S$879 million. Of the dollar value, S$622 million or 71 per cent was done in the 30 STI components. Excluding warrants, there were 114 rises versus 262 falls. It was the index's third consecutive fall, bringing the three-day loss to about 52 points or 1.8 per cent.
The index was weighed down by weakness in the banks and Ascendas Reit (A-Reit), the latter after it announced a large placement of units at a discount to the market price to finance its S$420 million purchase of One@Changi City.
Brokers said a combination of factors was adversely affecting overall sentiment - a soft Wall Street, a slowing China, next week's US Federal Open Market Committee meeting at which an interest rate hike is expected and the upcoming Christmas holidays.
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