With investors continuing to focus on developments surrounding the spread of Covid-19, the STI extended its slide for a fourth day, closing 16.37 points or 0.5 per cent lower at 3,196.63. The benchmark index is down 0.8 per cent this year.
Singtel dropped S$0.04 or 1.3 per cent to S$3.17. Shares in Singapore's largest telco have lost 6 per cent since it reported Q3 earnings last Thursday.Among them, Hi-P International fell S$0.03 or 2.3 per cent to S$1.28 after Maybank Kim Eng analyst Lai Gene Lih reiterated his"Sell" recommendation on the company and slashed its target price to S$1.00 due to a weaker FY2020 outlook.
Trading volume in Singapore was 1.44 billion securities, 22 per cent over the 2019 daily average but total turnover came to S$1.04 billion, just shy of last year's intraday mean.
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