STI in the red for seventh straight session

THE Straits Times Index kicked off the week with a seventh straight loss on Tuesday, dropping 27.32 points to 2,811.20. Turnover remained meagre at 901 million units worth S$1.08 billion and excluding warrants there were 151 rises versus 258 falls throughout.

A steep fall in Hong Kong of almost 2 per cent for the Hang Seng Index was attributed to disappointing manufacturing numbers announced by China, and a 100-point drop in the Dow futures was blamed for the selling here.

The STI has now lost 150 points or 5 per cent since closing at 2,960.78 on April 21. Volatile oil prices, an uncertain Wall Street and general worry about the state of the global economy h…