Weak oil, slide in Dow futures hit STI
Following losses in Japan and Hong Kong, index finishes 34.43 points lower, with banks and Singtel leading the selling
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A 130-point loss for the June Dow futures, a 2.4 per cent loss for the Nikkei 225 and a 1.6 per cent slide in the Hang Seng Index: Faced with nothing but weakness in these markets, the Straits Times Index (STI) stood little chance, finishing Tuesday with a loss of 34.43 points at 2,800.92.
The selling was led by the three banks and Singtel, and resulted in the overall market recording an advance-decline score of 137-266, excluding warrants.Volume traded by the 30 STI components amounted to S$807 million, which was nearly three-quarters (73 per cent) of the entire market's turnover of 1.2 billion units worth S$1.1 billion.
Observers pointed the finger at weakness in the oil market as the possible trigger for fresh waves of short-selling; in overnight trading, oil fell by just over 3 per cent to around US$35 per barrel.
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