Last-minute OCBC sell-off pares STI gains
Goh Eng Yeow
Thu, May 27, 2010
The Straits Times

WALL Street's late overnight rebound gave regional bourses the incentive to recover from the dizzying sell-off that had sent prices to a 10-month low.

But Singapore's rally was hit by a last-minute sell-off in OCBC Bank shares and other blue chips, which lopped off about a third of the gains made by the benchmark Straits Times Index (STI) up to that point yesterday.

Dealers said a hefty 8.1 million OCBC shares were sold off during the five- minute pre-close period used by traders to clear outstanding orders. The deals accounted for almost 40 per cent of all OCBC shares traded yesterday.

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