STI dips on bleak China economic figures

DESPITE having started the day with a jolt of caffeine, local stocks ended up trapped in a post-prandial torpor on Wednesday that was made worse by bleak China economic figures released in the early afternoon.

The benchmark Straits Times Index (STI) retreated 0.54 per cent or 16.13 points to finish at 2,981.59. After having opened flat at around 2,994 points, it briefly jumped to 3,009 in the first half-hour but lost its grip on that early lead and fell around midday.

The blue-chip index was weighed down by a retreat that was fairly evenly spread out among 21 losers out of the 30 STI component stocks. No particular sector drove the decline this time.