Pennies in play as STI drops 2.1% this week

THE local stock market has always been driven more by external rather than internal factors and this week was no different. US earnings concerns played a part in the weakness that saw the Straits Times Index (STI) drop 60 points or 2.1 per cent over the week to 2,815.24, while also relevant was the release of the minutes of the September US Federal Open Market Committee meeting which suggested the Fed is leaning heavily towards a December interest rate hike.

Trading volume picked up from Wednesday onwards, crossing the S$1 billion mark for three consecutive days, a marked improvement from Monday when only S$631 million was done. Friday's total was 2.1 billion units worth S$1.1 billion when the STI rose 9.76 points, …