Banks take backseat in quiet session

Wednesday's trading session at Singapore Exchange (SGX) was one of the quietest in recent weeks, with the Straits Times Index (STI) drifting within a narrow range before ending 1.33 points higher at 2,881.98 in low volume of 1.3 billion units worth S$977.7 million.

The broad market excluding warrants recorded 213 rises versus 173 falls. Most of the volume was focused in the 30 index components - S$659 million or roughly 67 per cent. The average value per unit traded was S$0.75.

Activity in banks was subdued, which explains the index's listless showing since banks have been the STI's main movers this year. Similarly, trading in other big index components such as Keppel Corporation and Singapore Telecommunications (Singtel) wa…