Singapore stocks fall for second day; OCBC, United Overseas Bank top losers

singapore trader
An office worker walks past a logo of the Singapore Stock Exchange (SGX) outside its premises in the financial district of Singapore. REUTERS

Singapore shares fell for a second session on Thursday after rising to their highest since December 2007 earlier in the session on the back of selling pressure in lenders such as DBS Group.

Asian shares hit record highs as a rally by Wall Street lifted global risk appetite.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 percent, building on the previous day's gains to make a fresh peak., Reuters data showed.

Stocks in the U.S. closed higher overnight with the Dow ending above 26,000 for the first time as investors' expectations for higher earnings boosted stocks.

The Straits Times Index ended down 0.58 percent or 21 points to 3,521. It ended 0.23 percent lower on Wednesday, taking the year-to-date gains to about 4 percent.

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The city-state's top lenders United Overseas Bank and DBS Group Holdings lost 0.9 percent and 0.7 percent. Oversea-Chinese Banking Corp declined 1 percent.

But technology service provider Venture Corp climbed 1.5 percent to its highest in 14 years.

Property developer City Developments lost 0.7 percent. The company on Wednesday said the offer to privatise London-listed Millennium & Copthorne Hotels (M&C) will not be extended beyond January 26.

About 1.7 billion shares worth S$1.2 billion changed hands, with losers outnumbering gainers 254 to 198.

This article was first published on January 18, 2018