STI weakens but action aplenty in pennies
Local blue chips listless despite leap in Dow futures contract and rise in HK bourse on dovish FOMC expectations
AN 80-point jump in the Dow futures contract, a 0.6 per cent rise in Hong Kong's Hang Seng Index and a firm opening Europe-wide on Wednesday suggested that markets were positioning themselves for a dovish US Federal Open Market Committee (FOMC) meeting, but these developments failed to stir local blue chips into life - the Straits Times Index (STI) drifted within a narrow band before finishing a net 3.95 points weaker at 2,850.74.
Penny stock activity, however, was relatively strong, with total market turnover amounting to 1.52 billion units, the highest so far this week. The market's dollar value, however, was also the highest for the week at S$944 million, though it was below the longer-term average of S$1.1 billion. Excluding warrants there were 221 rises versus 150 falls.
Among the actives was AsiaMedic, which caught the eye with a S$0.025 or 36 per cent jump to S$0.091 on volume of 27.5 million, a move which also attracted the attention of the Singapore Exchange which despatched a morning query to the company.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Honda to spend US$11 billion on EV strategy in Canada
GlaxoSmithKline sues Pfizer and BioNTech over Covid-19 vaccine technology
Mapletree Industrial Trust Q4 DPU rises 0.9% to S$0.0336
Nasdaq’s profit falls as shaky economy keeps IPO revival elusive
iFast Q1 net profit surges on ePension unit performance
Suntec Reit Q1 DPU down 13% to S$0.01511 in absence of capital distribution