STI up 2.2%, takes 5-day gain to 7%

THE Straits Times Index enjoyed one of the best days of recent years when it shot up 60.66 points or 2.2 per cent to 2,787.62 with the 30 index stocks recording high volume of 534 million units worth S$1.3 billion. In dollar terms this was 73 per cent of the 2 billion units worth S$1.8 billion done by the whole market, with the main contributors being banks, Keppel Corp and Singtel.

Other than trading funds pushing the local index because it had been one of the worst performers in the region for many months, no other reason could be found for the surge. In five consecutive sessions, 185 points or 7 per cent has been added to the STI.

The value of turnover in the three banks amounted to S$476 million, with Keppel and Singtel adding another S$180 million. In total, these five counters accounted for S$656 million in turnover - 36 per cent of the entire market's volume.

Other active index stocks included Noble Group, Thai Beverage and Golden Agri Resources. Excluding warrants, the advance-decline score at 258-162 suggested gains were not widespread for the whole market.