Final push enables STI to close year in the black

THERE were no surprises in yesterday's session as the Straits Times Index enjoyed a push that took it 14.14 points up to 3,167.43, a gain of just 0.35 point or 0.01 per cent for the year.

It was the index's seventh gain in a row after it fell 10 consecutive sessions to 3,061 on the eve of the Dec 17-18 US Federal Open Market Committee (FOMC) meeting.

The bounce since then has most likely been the result of a combination of three factors - short-covering after the 10 falls, relief that the FOMC announced a rough schedule to tapering its monetary stimulus, and year-end window-dressing aimed at pushing the index into positive territory for the year.