Singapore Shares Slump. STI Falls 1.36%; Sheng Siong Tumbles 9%; First Resources Down 6%; OCBC Bank Down over 3%; DBS Falls Nearly 2%
Singapore shares tumbled nearly 1.4% on Monday as investors turned cautious ahead of high-stakes bank earnings later this week.The Straits Times Index , a key benchmark for the Singapore Exchange, ranged between 5,262.85 and 5,354.12 throughout the day. It ended the session at 5,303.83, down 72.91 points or nearly 1.4% compared to Friday's close.On the corporate front, shares of Metrocon plunged over 6% at the close as its non-executive chairman, Alvin Lim Yee Hong, stepped down from the post effective Oct. 29, after he was charged under Singapore's Foreign Employee Dormitories Act.Great Eastern closed nearly 2% lower as it posted SG$102.9 million in net profit for the third quarter, compared with SG$372.0 million a year ago.Meanwhile, shares of Bumitama Agri slid nearly 3% at the close as it communicated its commitment to voluntarily engage, at its own cost, assessors from the Singapore government in connection with fires in Indonesia.