Anticipation of Wall St rebound lifts STI

THE Straits Times Index (STI) on Monday bounced 32.15 points or 0.95 per cent to 3,423.35 points in anticipation of Wall Street rebounding during its Monday session. The index's gains were led by the Jardine group and the banks but they were not reflected in the broad market, where the advance-decline score was a weak 182-261.

A likely explanation for the bounce was that it came courtesy of short covering after Friday's 28-point drop that came ahead of Wall Street's plunge that day.

Turnover amounted to 1.3 billion units worth S$1.3 billion, down from Friday's S$1.8 billion. Rises in UOB, OCBC, Jardine Matheson, Hongkong Land and Jardine Strategic added almost 18 points to the STI. DBS, however, weakened S$0.07 to S$19.72, cutting 1.4 points off the index.