THE Straits Times Index on Tuesday slumped 24.89 points or 0.86 per cent to 2,876.03 in response to an overnight slide on Wall Street and large falls in Hong Kong, Japan and China.The trigger for the selloff in the US was a steep fall in oil prices to their lowest since Feb 2009 and which put pressure on related stocks here like Keppel Corp, SembCorp Marine, Ezra and Ezion.
Turnover amounted to 991 million units worth S$913 million, an improvement over Monday's weak S$759 million, partly because of the contribution of Neptune Orient Lines which resumed trading after a one-day halt. Excluding warrants, there were 108 rises versus 276 falls.
SembCorp Marine which last week issued a profit warning that prompted brokers to recommend a "sell", ended S$0.06 weaker at S$1.82 on volume of 2.6 million. RHB said it is now upgrading the stock to "neutral" on valuation grounds with a S$1.81 target price.
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