The FSSTI declined 2.2% mom in June leading to a 3.8% qoq decline in 2Q15 and nullifying the 2.4% gain in 1Q15 as the Greek debt crisis took its toll on Global equities. The decline in June is in line with the 2.2% decline in the DJIA despite dovish comments from the Feds. The decline was led by shipping that saw a steep 19.2% mom drop due to weaker-than-expected freight rates, followed by an 8.7% mom decline in oil services exasperated by concerns over Ezra's dilutive rights offering and a 6.7% decline in healthcare as investors took profits on IHH. Telcos stood out as the notable outperforming sector eking out a 1.5% mom gain in June, suggesting a defensive positioning by investors amid the volatile macro-economic environment.