Oct 12, 2016

    STI hurt by MAS actions against banks

    SINGAPORE shares sank deeper into the red again yesterday amid a mixed showing from other markets in Asia.

    The benchmark Straits Times Index (STI) slipped 14.11 points, or 0.49 per cent, to 2,856.13.

    Sentiment was little helped by news that the Monetary Authority of Singapore (MAS) has ordered Falcon Private Bank to shut down operations here while DBS Bank and UBS were both fined over lapses related to the 1MDB scandal.

    Elsewhere, Tokyo advanced 0.98 per cent on a weaker yen, while Hong Kong fell 1.27 per cent, dragged down largely by real-estate stocks as a number of Chinese cities unveiled tightening measures to cool the property market.

    Shanghai, which has resumed trading following a week-long holiday, added 0.56 per cent.

    Seoul dropped 1.21 per cent after South Korea's Samsung asked retail partners to stop sales and exchanges of its Galaxy Note 7 smartphones.

    Wall Street added 0.49 per cent on Monday along with a rally in oil prices.

    Only three of the 30 STI constituents rose while 24 fell.

    All three local banks finished lower, with DBS Group Holdings sliding one cent or 0.1 per cent to $15.37.

    United Overseas Bank lost two cents or 0.1 per cent to $18.77.

    OCBC Bank fell three cents or 0.3 per cent to $8.66.

    Stocks outside of the STI saw more buzz. The day's most heavily traded was Noble Group, down 1.3 cents or 6.6 per cent to 18.5 cents on 345.3 million shares done.

    SunMoon Food, a fresh fruit and dehydrated produce company, continued to extend gains in heavy trade, jumping one cent or 9.5 per cent to 11.5 cents.

    About 2.25 billion shares worth $990.2 million changed hands across the bourse yesterday.