Market drifts as volume stays poor
Performance in line with expectations as Wednesday's short-covering bounce was expected to run out of momentum
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THE Straits Times Index on Thursday drifted lower for most of the session before ending at 3,455.78 for a net gain of 2.61. Brokers said the move was in line with expectations since many had expected Wednesday's short-covering bounce to quickly run out of momentum.
Volume remained poor at 1.5 billion units worth S$971million, the unit average of S$0.65 suggesting that house traders, proprietary desks and retail trading representatives were once again trawling the penny stock ranks to try and generate business. On this count, the advance-decline score of 215-222 excluding warrants suggested they met with only modest success.
Among the index stocks in play was Singtel, which finished unchanged at S$4.36 on volume of 13.4 million. In maintaining a "buy" on Singtel, Nomura on Thursday described the telco's Q4 figures as a " good result" that is slightly ahead of market expectations with decent operating trends, and a 4 per cent increase in annual dividends.
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