Mixed session as bank, property stocks lead STI's rebound

THE Straits Times Index (STI) on Thursday rebounded from Wednesday's 28-point loss by 13.78 points to 3,215.55, led mainly by the banks, property counters, Jardine Matheson and Hongkong Land.

Turnover was an average 2.1 billion units worth S$1.04 billion; and excluding warrants, there were 218 rises versus 218 falls so trading was much more mixed than the index's reading might suggest.

"Stuck in a trading range" appears to be the best way to describe the index's movements over the past fortnight. US interest rate hikes, weak oil prices and political upheaval in the US and UK have threatened to bring the sellers out in force, yet stocks have remained relatively firm, most probably as investors buy into the belief that a synchronised global recovery is underway.