Penny stocks carry the load as blue chips falter
ST Index lost 4.9 points despite Hang Seng Index's surge; 17 of the 20 most active stocks were below S$0.50
HONG KONG's Hang Seng Index may have enjoyed a massive "catch-up'' rally on Wednesday to the tune of almost 4 per cent but there was no effect here, with the Straits Times Index (STI) sliding 4.94 points to 3,460.68. With blue chips languishing, it was left to penny stocks to keep interest alive and in this regard they did not disappoint - 17 of the 20 most active stocks were priced below S$0.50.
Overall turnover amounted to two billion units worth S$1.1 billion for an average value per unit traded of S$0.55 and excluding warrants, there were 248 rises versus 187 falls.
Given the local market's decoupling over the past few months to events in Hong Kong and China, there was little surprise that the STI did not track the Hang Seng's surge, brokers instead pointing to expectations of how Wall Street would perform in the session ahead as playing a greater role.
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