STI down 1% on China central bank hike

REGIONAL markets were singing the same funereal tune - a reaction evoked largely by a surprise move from China's central bank to raise borrowing costs hours after the US Federal Reserve's decision to tighten monetary policy.

The benchmark Straits Times Index (STI) on Thursday lost 32.99 points or 0.95 per cent to finish at 3,435.78, weighed down by counters of the three lenders, Singtel and Keppel Corporation. Shares of DBS, OCBC and UOB knocked 21 points off the index.

Key indices in Japan, Hong Kong, South Korea, China and Australia ended on a glum note while New Zealand shares hit a fresh high.