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Banks, O&M stocks hit as selling resumes

Bank selldown attributed to worries of exposures to commodity finance, China, non-trade US$ lending, poor earnings outlook

THE selling which has marked the start of 2016 returned on Thursday with a vengeance, with the Straits Times Index (STI) plunging 51.93 points or 1.93 per cent to 2,644.57. Offshore and marine (O&M) stocks were heavily sold off as oil prices slipped below the US$30 per barrel mark while bank...