Singapore market weakens further after Dow overnight fall; DBS, UOB and OCBC decline

The Singapore stock market was sharply down 1.14 per cent at 3,162.19 points after about two and a half hours of trade after the Dow Jones fall yesterday. -- PHOTO: BT
The Singapore stock market was sharply down 1.14 per cent at 3,162.19 points after about two and a half hours of trade after the Dow Jones fall yesterday. -- PHOTO: BT

SINGAPORE - The Singapore stock market was sharply down 1.14 per cent at 3,162.19 points after about two and a half hours of trade after the Dow Jones fall yesterday.

The Dow Jones fall overnight had been sparked by fears over the strength of the US economy after the release of weak retail sales data. Continued fears over the Eurozone and China economies weighed on investors. Ebola is a growing concern.

Among the largest losers on the Straits Times Index (STI) were palm-oil giant Golden Agri-Resources which lost 3.1 per cent to trade at 46.5 cents.

Keppel Corp was trading at $9.65 while Sembcorp Industries was 2 per cent down at $4.87 as oil prices continued to be weak. Weak commodity prices have also hit the likes of Olam International which lost 2 per cent to trade at $2.16.

Out of the 30 STI constituent stocks, only two were up - Singapore Airlines and SIA Engineering - and only three were unchanged - Wilmar International, CapitaMall Trust and Hutchison.

The local banks were not spared either. DBS shed 17 cents to $17.87. OCBC Bank lost eight cents to $9.55 and United Overseas Bank fell seven cents to $21.94. Singapore's largest company SingTel was trading four cents lower at $3.66.