RISES in DBS, Jardine Matheson Holdings (JMH) and SingTel yesterday outweighed a large slide in UOB, thus enabling the Straits Times Index to rise 2.46 points to a new 52-week high of 3,306.89.
Activity was, however, mainly muted with disappointingly low volume traded, though by now traders, weary of the market's low volatility and liquidity, were not too surprised,
"If UOB (United Overseas Bank) performs, the index performs," said a dealer. "UOB fell, so you'd expect the index to be weak." UOB yesterday dropped 47cents or almost 2 per cent to S$23.55 with 3.9 million traded, cutting 6.6 points off the STI and keeping the index in the red for most of the day. Gains in DBS, JMH and SingTel added seven points.
Turnover amounted to 2.3 billion units worth S$953 million, of which S$472 million or about 50 per cent was done in the 30-index components. Of the top 20 most actively traded stocks, 16 were priced below 20 cents. The list was headed by shipping counter Jaya Holdings, which has been in play recently and yesterday rose 1.5 cents to 7.7 cents with 325 million shares changing hands.