Banks propel STI up 7% over the week as index stocks dominate volume

One of the most strident complaints about the local stock market is that it is a perennial underperformer, lacking in liquidity and excitement, when compared to Hong Kong.

This may have been true for most of 2014 and last year, and even the first two months of this year, but it wasn't the case this week though. The Straits Times Index (STI) made a 188-point or 7 per cent jump to 2,837, placing it among the better performers in the region.

On Thursday, for example, its 2.2 per cent rise made it the region's best performer; this was followed by a 49.38-point or 1.8 per cent jump on Friday, a rise that came with a robust 2 billion units worth S$1.75 million traded. This volum…