Penny stocks in play in mixed session

PENNY stocks dominated a broadly mixed session on Tuesday which ended with the Straits Times Index down 5.47 points at 3,019.03, an advance-decline score of 217-211 excluding warrants and with turnover amounting to a weak 2.5 billion units worth S$935 million.

Weakness in Hong Kong and the Dow futures provided the main backdrop and, with the next US Federal Open Market Committee meeting coming up next week, traders were said to be reluctant to undertake large commitments.

"I didn't realise the market's opening hours were 9-10am," remarked a dealer, trying to make light of one of the quietest sessions in recent months. During the rebound of the past three weeks, daily volume averaged S$1.2-1.4 billion.