STI in the red for seventh straight session
100-point drop in Dow futures blamed for the selldown
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 have been the main drags.
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