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Singapore: Banks, Singtel push STI up in thin trading
GAINS in the three banks and Singtel helped the Straits Times Index (STI) rise 18.79 points to 3,470.80 on Monday, albeit in one of the lowest one-day turnovers this year - 1.1 billion units worth S$801.7 million.
The broad market excluding warrants recorded 221 rises versus 179 falls in a session that was described as quiet and unremarkable by most dealers.
Wall Street's Friday jump may have contributed to the STI's gain as did news that China cut interest rates over the weekend. However, brokers were quick to predict that the momentum would probably not last.
"The jury is out over whether the US economy is recovering, when interest rates might rise and whether the China rate cuts will work," said a dealer. "It doesn't make sense to be too bullish or bearish in such an environment."
Of the 20 most actively traded stocks, 14 were priced below S$0.20. The list was headed by MDR, Jaya Holdings and IHC. CosmoSteel, which fell by almost 50 per cent on Thursday and Friday and has a "trade with caution" notice, ended S$0.01 higher at S$0.22 on volume of 18.4 million.