U.S. Rate Fears Hurt Index
May 12, 2011
The 30-share Straits Times Industrials Index fell 9.11 to 2153.54 on volume of about 75.4 million shares. Decliners led gainers 174 to 105, with 265 issues unchanged. Interest in Singapore shares was subdued after Wall Street's weak performance overnight. The decline was triggered by fears that interest rates could be raised as early as September, analysts said. Food and beverage distributor Cerebos Pacific fell 30 Singapore cents to 11.70 Singapore dollars. Other closely followed market indexes were mixed. The DBS-50 Index of shares from different sectors was down 1.18 to 553.20. The UOB-OTC index, which tracks Malaysian over-the-counter shares, added 3.20 to 1173.95. The most-active stock Friday was investment holding company Causeway Investment. The company was unchanged at S$1.42. Personal-computer maker IPC edged up 0.50 cent to 51 cents after falling earlier this week on disappointing earnings. Two institutional stocks outperformed the market Friday. Foreign stocks of the Development Bank of Singapore and Oversea-Chinese Banking rose 30 cents to S$16.50 and 20 cents to S$16.90, respectively.
