STI loses grip after re-piercing end-2015 level
Hopes of ending session in the black for year evaporate as afternoon reversal pares Wednesday's gain
AN afternoon reversal in Hong Kong and the Dow futures and a soft opening Europe-wide possibly because of weak oil prices put paid to hopes earlier on Wednesday that the Straits Times Index could end the session in the black for the year.
After rising to an intraday high of 2,893, the index closed a net 4.79 higher at 2,875.57, about seven points below its end-2015 level of 2,882. Turnover was relatively heavy at 886 million units worth S$1.2 billion and excluding warrants, there were 202 rises versus 203 falls.
Banks were in focus, particularly DBS after it released its Q2 figures last week and disclosed its exposure to failed oil and gas (O&G) company Swiber Holdings.
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