Market rebounds, led by bank stocks
STI rise, which could be due to short-covering, comes amid jump in Dow futures and China, HK gains
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A 250-point jump in the Dow futures contract and sizeable gains in China and Hong Kong stocks on Tuesday helped the Straits Times Index (STI) avoid a sixth loss in seven sessions, with a 32.91-point rise to 2,885.32. Volume was a low 1.2 billion units worth S$1 billion; excluding warrants, there were 245 rises versus 151 falls.
Except for a 28-point short-covering bounce last Thursday, the index has lost 104 points since Aug 31, on concerns over a plunging China market, the impact of this on the country's economy and the consequences for global growth.
The STI's rebound had been led by the three banks, whose rises accounted for about half the final gain. Also helping push the index up were Hongkong Land and Singapore Exchange (SGX).
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