Bounce in Dow futures helps trim ST Index's loss

THE Straits Times Index (STI) on Wednesday was hit by a combination of factors - a 2.2 per cent loss in the Shanghai Composite after news that China's purchasing managers' index (PMI) has slumped to a six-year low, a 2.3 per cent fall in Hong Kong's Hang Seng Index and perhaps most relevantly, an early 150-point loss for the Dow futures contract that suggested Wall Street on Wednesday would add to its Tuesday loss.

However, a late rebound in the Dow futures helped the STI trim its loss from a maximum of 40 points to 22.73 at 2,845.74. At 5pm, the Dow futures had lost only 15 points.

The weakness here came with turnover of 1.4 billion units worth S$1.2 billion, slightly above the recent daily average of S$1 billion. Excluding warrants, there were 153 rises versus 239 falls.