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Singapore shares close lower as holiday season kicks in, volume drops below S$1b
THE start of the week before Christmas saw trading volume dwindle from last week's S$1.2 billion daily average to 1.9 billion units worth S$897.2 million. The banks have been the main index movers this year and so it was again on Monday when the Straits Times Index (STI) dropped 24.78 points to 2,913.08, with falls in DBS, UOB and OCBC accounting for a combined 12 point loss. Excluding warrants, there were 167 rises versus 263 falls.
Brokers said that the drop-off in turnover was to be expected, given the impending holiday season and the sharp run-up of the past five to six weeks since the US elections. Monday's fall cut the STI's gain for the year to 31 points or 1.07 per cent.