STI manages second consecutive rise

FROM the yuan to central bank policy - after Tuesday's play that came after the inclusion of the Chinese currency in the International Monetary Fund's (IMF) basket of reserve currencies, the market's attention on Wednesday turned to Thursday's European Central Bank (ECB) policy meeting at which more monetary easing is expected and to China, where hopes of more easing helped push stocks higher.

As a result, the Straits Times Index (STI) managed a second consecutive rise, this time 13.38 points to 2,883.64. Volume, which spiked up on Monday to S$1.7 billion most probably because of month-ending window-dressing, amounted to 945.3 million units worth S$1.06 billion, much more in line with recent averages. Excluding warrants, there were 204 rises versus 180 falls.

In the offshore and marine sector, shares of Sembcorp Marine (SMM) plunged S$0.09 or 4.4 per cent to S$1.97 on volume of 6.1 million after the company on Tuesday issued a profit warning.