Gain by Dow futures brings market relief

Activity in the local stock market, which had shown signs of slowing over the past week, ground to a virtual standstill on Wednesday ahead of the US Federal Reserve's Open Market Committee meeting.

However, with the Dow futures rising about 20 points in the late afternoon and with Europe opening higher, the Straits Times Index, which had languished in the red for almost the whole day, managed a 4.77 points rise to 2,844.21.

Turnover amounted to a weak 1.3 billion units worth S$741 million, a far cry from the S$1.75 billion done a little over a week ago. It was the lowest single-day haul this year. Excluding warrants, there were 201 rises against 196 falls.