THE week just past will probably be remembered for the sudden downgrade of the three local banks, the return of geopolitical tensions after North Korea launched a missile over Japan on Friday and weak economic numbers from China.
On Friday, selling of the three banks meant that the Straits Times Index (STI) finished with an 11.39 point loss at 3,209.56, bringing its fall for the week to 19 points or 0.6 per cent. DBS ended S$0.29 down at S$20.06 with 5.3 million traded; UOB dropped S$0.11 to S$23.05 on volume of 1.9 million; and OCBC lost S$0.05 at S$10.95 on turnover of 5.2 million. Collectively, their losses cut 9.4 points off the STI.
Turnover on Friday was the highest in dollar terms for the week – two billion units worth S$1.7 billion. Excluding warrants, there were 174 rises versus 212 falls.
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