STI slides in tandem with 1.5% loss in HK

THE closure of Wall Street for July 4 celebrations meant that the Singapore market on Tuesday had to rely on Hong Kong for direction. As a result, with the Hang Seng Index sliding 1.5 per cent, its largest one-day fall in 2017, the STI finished a largely forgettable session nursing a 12.29-point loss at 3,211.17.

The broad market recorded 163 rises versus 248 falls excluding warrants and volume done was a weak 1.5 billion units worth S$893 million.

No specific reason could be found for the selling in HK other than the fact that the index had risen sharply in the first half of the year, gaining 17 per cent between January and May.