STI closes higher despite profit-taking

THE local market got an early leg-up but squandered nearly half of that gain by the closing bell on Monday, as wary investors decided to take profit after seeing the benchmark index claw its way back up to its highest since mid-August.

The bluechip Straits Times Index (STI) opened 27.51 points or 0.9 per cent higher at 3,095.97 on Monday morning, following news of China's monetary policy easing last Friday. But it lost steam over the course of the session, ending the day a milder 14.61 points up at 3,083.07.

The half-hearted advance was also reflected in the broad market. Gainers outnumbered losers 230 to 185, or about five up for every four down. Still, Monday marked the index's fourth consecutive session of gains. It is down about 8 per cent so far this year.