US rate fears drag STI lower
Trade in the 30 STI components made up 69 per cent of the market's turnover; penny stocks dominate interest outside STI
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THE Straits Times Index slipped 16.83 points to 3,023.65 on Thursday in quiet trading, during which 1.2 billion units worth S$948.6 million were traded; the loss came despite a slight firming in Hong Kong and China and a modest rise in the Dow futures.
Traders said an impending US rate hike in December was the main factor, with US Federal Reserve chair Janet Yellen having said on Wednesday that the Fed expects to move forward with the first rate increase "in a timely fashion" and that this is the "prudent thing to do".
Trading in the 30 STI components amounted to 217.3 million worth S$651.3 million, which in dollar terms was 69 per cent of the whole market's turnover.
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