SINGAPORE - Local shares tumbled on surprisingly weak results from OCBC Bank and fears that the much-anticipated stimulus package from the Bank of Japan may disappoint.
The Straits Times Index closed 0.78 per cent or 22.87 points to 2,918.62, dragged down by DBS Group, which slipped 2.3 per cent or 38 cents to S$15.88.
The bank counter was hit by fears over its exposure to offshore marine group Swiber Holdings, which shocked the market when it announced it will make an application to wind up the company and place it into provisional liquidation.
This after it received several letters of demand totalling US$25.9 million (S$35.1 million); including a statutory demand of US$248,500.
The bourse was also weighed down by UOB, which dipped 1.3 per cent or 24 cents to S$18.70; and OCBC dipped 0.6 per cent or five cents to S$8.80. Singtel fell 0.5 per cent or two cents to S$4.29, while Keppel Corp shed 1.7 per cent or nine cents to S$5.32.