Broad market weakens despite STI bounce

THE Straits Times Index (STI) on Monday probably enjoyed a late bout of short-covering that lifted it from a double-digit loss to a net gain of 1.83 points at 2,817.07, but the broad market was weak with 145 rises versus 235 falls. Turnover was a weak 2.4 billion units worth S$995.3 million.

Trading followed the same pattern that has prevailed for several weeks now - hectic churning of low-priced issues with or without the aid of research reports and/or corporate announcements, and plays on the oil and gas, and healthcare sectors.

Such was again the case on Monday when LionGold displaced Noble Group at the top of the volume list. The counter closed unchanged at S$0.002 on volume of just under 300 million shares, drawing a query from Singapore Exchange.