STI still in a rut despite Wall Street rally

WALL Street's Tuesday rally failed to break the Straits Times Index's losing streak, with the local benchmark losing 8.28 points at 2,732.87 on Wednesday in response to falls in Hong Kong and the Dow futures.

Turnover at one billion units worth S$1.1 billion was average and excluding warrants, there were 182 rises versus 203 falls. It was the index's 12th loss in 13 sessions during which it has fallen 228 points, or 7.7 per cent.

"It is difficult to see what might shake the market out of its present downturn," said a dealer. "For now, stocks are being avoided like the plague and safe havens like bonds are doing well."