SGX falls for second day; DBS, OCBC decline

Financials pulled the index lower, with DBS Group Holdings falling 1.8 percent, United Overseas Bank shedding 1 percent and Oversea-Chinese Banking Corp declining 0.8 percent.

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The logo of the Singapore Exchange (SGX) is pictured at its office in Singapore. REUTERS

Singapore shares fell for a second session on Wednesday, dragged lower by lenders such as DBS Group and United Overseas Bank.

The Straits Times Index lost 0.61 percent or 20 points to 3,274. It ended 0.42 percent lower on Tuesday, taking the year-to-date gains to about 14 percent.

Financials pulled the index lower, with DBS Group Holdings falling 1.8 percent, United Overseas Bank shedding 1 percent and Oversea-Chinese Banking Corp declining 0.8 percent.

Noble Group fell as much as 4.3 percent after S&P Global Ratings and Moody's Investors Service again cut their ratings by two notches, pulling them deeper into junk territory and closer to the likelihood of default.

Shares of Best World International fell 0.8 percent on news of China's crackdown on pyramid schemes.

About 1.7 billion shares worth S$1.2 billion changed hands, with losers outnumbering gainers 262 to 168.

Meanwhile, investors in Asia heaved a sigh of relief after a tumultuous few days spurred by heightened tensions between the U.S. and North Korea.

Risk appetite improved as North Korean leader Kim Jong Un delayed a decision on firing missiles towards Guam while he waits to see what the United States does.

U.S. stocks indexes closed mixed on Tuesday. The S&P 500 and the Nasdaq Composite closed down 0.1 percent and the Dow Jones Industrial Average gained five points.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent.

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