O&M concerns return with a vengeance
Banks among top index losers as selling in market resumes after Monday's short-covering bounce
MONDAY'S short-covering bounce having been completed paved the way for the selling to resume on Tuesday, with the Straits Times Index (STI) plunging 35.85 points or 1.2 per cent to 2,856.67 as concerns over the health of the offshore and marine (O&M) sector took grip.
Banks were among the top index losers, though the largest fall was reserved for Singtel, which traded ex-dividend and whose S$0.13 drop to S$4.05 cut 13 points off the STI.
Turnover amounted to a moderate 1.3 billion units worth S$1.03 billion but this would have likely been higher had Hong Kong not been closed because of Typhoon Nida. Excluding warrants, the market recorded 128 rises versus 308 falls.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Far East Orchard acquires 49% stake in UK-based purpose-built student accommodation operator for £17.6 million
Nestle sales growth sputters on US slump, vitamin snags
BNP Paribas beats estimates as lower costs offset trading slump
TikTok ultimatum puts US firms in firing line for China response
Toyota and Nissan pair up with Tencent and Baidu for China AI arms race
BHP targets Anglo American in bid valuing miner at US$39 billion