Banks, Genting fuel STI rebound

THE Straits Times Index (STI) on Tuesday rebounded 20 points to 2,923.49, most probably thanks to short-covering in mainly the banks and Genting Singapore ahead of an expected Tuesday rebound on Wall Street.

Turnover remained low at 1.3 billion units worth S$825 million with 65 per cent of dollar value provided by the 30 STI members, while the broad market excluding warrants recorded 207 rises against 169 falls.

Rises in the three banks in the early afternoon propelled the STI upwards to an intraday high of 2,939. Genting's S$0.045 or 6 per cent surge to S$0.795 also stood out. In the healthcare sector, shares of Raffles Medical ended S$0.01 higher at S$4.20 on volume of 685,000 shares. OCBC Investment Research on Monday upgraded the stocks to a "buy" on valuation grounds as the stock had dropped 16.6…