Genting, banks drive STI higher

"SELL into strength but buy the dips" was the preferred trading mode during Thursday's session when the Straits Times Index first dropped into the red but rebounded to finish at 3,137.57 for a net gain of 15.37 points.

Turnover was the highest in almost 10 days at 3.5 billion units worth S$1.7 billion for an average of S$0.48 per unit. The advance-decline score excluding warrants was 239-208 - much closer than the index's strength might suggest.

Banks were once again chiefly responsible for the index's rise, though OCBC closed unchanged. Elsewhere in the index, casino operator Genting Singapore's shares jumped S$0.05 to S$1.03 on volume of 79 million. The company on Wednesday reported a net profit of S$159 million for the fourth quarter ended Dec 31, 2016 compared to a loss of S$7.75 million a year earlier.