Penny stocks rule as banks bolster STI
Turnover a healthy 3.67b units worth S$1.3b with gainers outnumbering losers 252-207
ELEVATED penny stock punting and a push on banks UOB and OCBC provided the main features of Tuesday's trading, in which the Straits Times Index (STI) rose 14.73 points to 3,071.64. Turnover amounted to a healthy 3.67 billion units worth S$1.3 billion and, excluding warrants, there were 252 rises versus 207 falls.
More than two-thirds of the STI's rise came from gains in OCBC and UOB, with notable contributions from Keppel Corp and City Developments. There was some speculation that funds were switching out of 2016's regional outperformers Thailand and Indonesia and into the Singapore market because of the latter's softness last year.
The average value per unit traded was S$0.35, indicating that hectic punting of low-priced issues was very much present - 18 of the 20 most actively traded stocks were priced below S$0.50, with 17 below S$0.20.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Carnival’s Princess brand revises 2025 world cruise routes amid Red Sea tensions
Google to pay up to US$6 million to News Corp for new AI content, The Information reports
Restaurant Brands tops estimates as Burger King overhaul pays off
Yen falls after suspected intervention on Monday; eyes on Fed
US: Wall St opens lower on labour costs data
TikTok shop tops 500,000 US sellers after 2023 e-commerce launch