Greek news extends Friday's relief rally

THE relief rally markets enjoyed on Friday extended into Monday when news filtered in that European authorities have managed to hammer out some kind of settlement with Greece. The outcome was a 31.34 points rise in the Straits Times Index (STI) to 3,311.22, albeit one that came with low volume of 1.4 billion units worth S$872 million.

In the morning session there was a sense that no matter how bad things may look, the European authorities would surely pull out all the stops to avoid the disaster of a Greek exit. It was this hope of an eventu…