Penny play shows signs of flagging
Average price of stock traded goes up to S$0.65, from S$0.30-0.40; STI makes a mild rebound after Monday's sell-off
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THE penny-stock run of the past fortnight appears to be running out of steam, judging by Tuesday's trading session. Instead of a total turnover of between 2.5 billion and 3 billion units and a unit average of S$0.30 to S$0.40 that punters had become accustomed to this month, volume amounted to just 2 billion units worth S$1.3 billion for an average of S$0.65.
The Straits Times Index (STI), in the meantime, enjoyed a mild rebound after Monday's 21-point sell-off, rising 5.36 points to 3,508.61, thanks mainly to gains in the Jardine stable.
Fifteen of the top 20 most actively traded stocks were priced below S$0.20. Three STI components made it to the list - Singtel, Noble Group and Genting Singapore.
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