Pennies rally but fail to sustain momentum

PENNY stocks led the local market this week, but without the entry of a significant number of retail players, the momentum of the first half tapered off in the second.

This did not come as a surprise to dealers as many have become used to watching pennies periodically burst into life over the past few years but fail to sustain interest as liquidity dries up quickly.

As for blue chips, the easing of Greece-related fears and some stability in Hong Kong and China helped ease the pressure on the STI, the index closing virtually unchanged for the week with most of the support coming from banks.