Follow-through momentum props up STI

THERE was just about sufficient follow-through momentum - possibly mainly through short-covering - from Friday's bounce to enable the Straits Times Index (STI) to rise 5.55 points to 2,582.64 on Monday, but an indifferent performance by key overseas markets meant the index closed well below its intraday high of 2,622.

These markets were, in no particular order, Hong Kong and China which ended higher, versus the Dow futures and Europe which traded deeply in the red.

Perhaps not surprisingly given it was a nervous and cautious session, turnover fell from Friday's S$1.4 billion to 910 million units worth S$1.03 billion on Monday, with the broad market excluding warrants recording 177 rises versus 215 falls. Business in the 30 STI components contributed S$804 million or 78 per cent.