Shares Fall on Rate Rise Fears
May 15, 2011
The 30-share Straits Times Industrials Index fell 24.74 to 2128.80. Volume was estimated at 62 million shares. Fears of higher interest rates in the U.S., the sharp fall in the Dow Jones Industrial Average Friday, and the loss in emphasis on Singapore stocks in the Morgan Stanley Capital International Index caused the benchmark index to finish lower, said dealers. The benchmark index closed lower because of the stocks of property and automobile group Cycle & Carriage and property and retail group Metro Holdings. Other closely followed market indexes also fell. The DBS-50 Index, which is capitalization-weighted with shares from all sectors, slid 8.51 to 544.69. The UOB-OTC index, which tracks Malaysian over-the-counter shares, closed at 1166.89, down 7.06.
