Banks, SGX prop up STI in weak session
Broad market posts 263 declines against 156 advances even as the index gains 22 points
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A SUDDEN push on the shares of banks, SingTel and the Singapore Exchange (SGX) helped propel the Straits Times Index (STI) up 22 points or 0.67 per cent to 3,319.84 in a broadly weak session that ended with the market recording 156 rises versus 263 falls excluding warrants.
The rest of the region was weak because of a spectacular swing in China, where the Shanghai Composite first gained about 2 per cent in the morning but ended about 5 per cent lower by the end of trading. It had shot up more than 20 per cent in a week.
In the case of SGX's S$0.25 jump to S$7.60, the talk was about a "buy" report on the stock of SGX from Goldman Sachs. The latter has maintained its "buy" call with a raised target.
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