Singapore Stocks Decline From Record Close

[DailyFx]

Falling from a record, the Straits Times index declined from a record setting session last week. Bucking a three session streak, the benchmark index declined by 8.17 points or 0.2 percent to close at 3,477.59 in the overnight. Incidentally, the closing figure is a far cry from the start of the session, as benchmark issues raced ahead by as much as 1.1 percent. Leading the overall market lower were shares in United Overseas Bank and City Developments. Both companies had seen considerable advances, setting the stocks up for pullbacks on profit taking. Notably, although the stock has advanced by as much as 18 percent on the year, United Overseas shares dipped 20 cents to $22.90. DBS Group Holdings, however, continued higher after receiving a share price estimate upgrade from Credit Suisse Group. Shares of Singapore?s biggest bank climbed 70 cents to S$23.50.