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Singapore: Stocks weaken in line with Hong Kong
WEAKENING prices amid declining liquidity - this is a combination dreaded by most investors and brokers. Unfortunately, it was a combination that made its presence painfully felt in Tuesday's session, during which the Straits Times Index (STI) was weak throughout the day and ended with an 11.51 point loss at 3,471.19, amid turnover of 1.5 billion units worth S$886 million, thought to be the lowest one-day total in at least three months.
A large sell-off in Hong Kong and caution ahead of the release of the latest US jobs numbers on Friday were cited as the main reasons for the selling, at least by those looking for plausible explanations for the weakness. Excluding warrants, the advance-decline score was 175-279.
Interest in penny stocks made a modest comeback, as was shown in the average value per unit traded of S$0.60. This compares with S$1.07 last Thursday and about S$0.68 on Monday.
Of the top 20 most actively traded counters, 15 were priced below S$0.10. Two STI components made it to the list - Noble Group and Genting Singapore.