SGX's surge helps ST Index cross 3,500
Dealers suggest 2 possibilities behind STI's rise: anticipation of Wall St rally and/or funds flowing out of HK
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A CONTINUATION of the recent surge in the shares of the Singapore Exchange (SGX) was one of the highlights of trading on Tuesday, the others being a sudden 36.69-point, or 1.05 per cent, upward thrust in the Straits Times Index to 3,521.08 and a continued focus on low-priced penny stocks with 18 of the 20 most active stocks for the day priced below S$0.20.
SGX's S$0.23, or 2.7 per cent, jump to a five-year high of S$8.63 on volume of 11 million shares contributed 2.7 points towards the Straits Times Index's final gain and, as was the case over the past few days when the stock has been running upwards, prompted market watchers to ask why there was no query from SGX's regulator, the Monetary Authority of Singapore (MAS).
Since closing at S$7.91 last Wednesday, SGX's shares have shot up 9 per cent in elevated volume, leading many to wonder about the sudden interest.
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