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Singapore stocks finish weaker

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Political posturing and the threat of war between the US and North Korea were pushed aside this week, overshadowed by concerns over the local banks' exposure to the ailing oil and gas (O&G) sector, domestic political worries in the US surrounding escalating racial tensions and a terror attack in Barcelona.

POLITICAL posturing and the threat of war between the US and North Korea were pushed aside this week, overshadowed by concerns over the local banks' exposure to the ailing oil and gas (O&G) sector, domestic political worries in the US surrounding escalating racial tensions and a terror attack in Barcelona.

On Friday, the Straits Times Index fell for the fourth consecutive day, this time by 16.89 points to 3,251.99. Turnover was 1.8 billion units worth S$1.2 billion and excluding warrants there were 178 rises versus 238 falls.

Over the course of the week the index dropped 28 points or 0.9 per cent, the four-day losing streak somewhat cushioned by Monday's 29-points rise. That rise had been driven largely by the banks, and so it was that the subsequent weakness also came from falls in DBS, UOB and OCBC.

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