STI rebounds in tandem with HK, China
Rise follows confirmation of yuan's inclusion in IMF's SDR basket; turnover amounts to 994m units worth S$1.02b
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CONCERNS over whether the yuan's inclusion as a reserve currency would spark volatility in equity markets proved unfounded as stocks on Tuesday rose sharply after confirmation that China's currency has indeed been added to the International Monetary Fund's (IMF) Special Drawing Rights (SDR) basket.
With Hong Kong's Hang Seng Index jumping 1.8 per cent and stocks in China also firming, the Straits Times Index (STI) finished 14.32 points higher at 2,870.26.
Turnover amounted to 994 million units worth S$1.02 billion versus S$1.7 billion on Monday, and excluding warrants there were 219 rises versus 150 falls.
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