Broad market weakens despite STI gain

A QUIET session at Singapore Exchange on Thursday ended with the Straits Times Index (STI) 6.51 points firmer at 3,502.75 but with the broad market recording 195 rises versus 277 falls, excluding warrants.

Perhaps just as important was that turnover amounted to 1.6 billion units worth S$1.2 billion for an average of S$0.75 per unit, suggesting that interest in penny stocks, which started to show signs of waning late last week, has continued to fade.

Unit turnover has been gradually falling, from 3.4 billion on Monday last week. Average value per unit traded that day was S$0.37 but has been rising since.