Week when UOB, DBS swings dictate STI moves

DISAPPOINTING results reported by Genting Singapore, a takeover offer for water treatment firm United Envirotech Ltd (UEL), heavy trading of the banks, criticisms of the quality of the local market and the Singapore Exchange's reply to those criticisms were the main features of a relatively nondescript week in which the Straits Times Index rose 30 points or 0.9 per cent to end at 3,315.67.

The external backdrop remained benign throughout the week, with Hong Kong well supported following news that its link with the Shanghai exchange will become operational next Monday.

In Friday's session, the index gained 10.74 points with overall volume coming in at 1.5 billion units worth S$1.05 billion. Excluding warrants, Friday's advance-decline score was 191-239.