Market shrugs off China rate cut
Index closes lower as bank stocks pull back; penny stocks and blue chips see rotational plays on quiet day
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AN interest-rate cut in China that pushed the Hang Seng Index up just under 2 per cent had no impact here on Monday, with the Straits Times Index (STI) finishing an unremarkable session 4.79 points weaker at 3,340.53.
Brokers reported no change to the pattern of the past several months, describing it as a quiet session with churning and rotational playing of penny stocks and blue chips the main feature.
Volume amounted to an average 1.5 billion units worth S$1.07 billion, and excluding warrants there were 224 rises versus 187 falls throughout.
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