Volatility fears still holding sway

THE Singapore market closed lower for the third consecutive session this week, reflecting a risk-off approach ahead of key events this week that could reshape global politics.

The Straits Times Index fell 5.26 points to finish at 3,230.49 on Wednesday, dragged in part by the late selling pressure on index-heavyweight DBS. Some 1.94 billion shares worth S$1.05 billion were traded, with 225 counters up and 203 counters down.

Among the banks, UOB was the sole gainer, ending on Wednesday at S$23.35, up 15 Singapore cents. A research note by Nomura on Wednesday said UOB sees a case for "upside bias" on its guidance of flat net interest margin, and mid-single-digit loan growth this year. As it is, UOB's loan growth in the first quarter was up 9 per cent from a year ago.