STI falls for second consecutive day

THE Straits Times Index (STI) on Tuesday sank 44.74 points or 1.6 per cent to 2,778.77, its second successive drop after six straight rises that took it up 234 points. Turnover amounted to 2.6 billion units worth S$1.4 billion for an average of S$0.54 per unit; excluding warrants, there were 128 rises and 304 falls in the broad market.

Weakness in the Dow futures was cited as a likely reason for the index's drop here, though steep falls in Japan and Hong Kong also probably played a part. At 5pm, the Dow futures was down 115 points.

Offshore and marine (O&M) stocks, which have enjoyed heavy play in recent days, underwent a mainly weak session. One of the best performers, Technics Oil and Gas, ended S$0.025 down at S$0.245 on volume of 39 million; Keppel Corp plunged S$0.43 or 7 per cent to S$5.77 on volume of 17 million, after US-listed Transocean Ltd announced that it has agreed to defer delivery of five jackup rigs from Keppel until 2020.