Shares flat, pennies enjoy hectic churning

THE main feature of Monday's session was hectic churning of penny stocks like Noble Group, Cedar Strategic, SunMoon and Ezra that propelled unit turnover to 2.2 billion units, estimated to be the highest in three months.

The Straits Times Index, in the meantime, drifted to a five-point loss at 2,870.24 - a disappointing performance that was wholly expected, given the external uncertainties plaguing the market such as volatile oil prices and the upcoming US presidential election.

Despite the high unit volume, dollar value of business done was a paltry S$631.5 million for an average of jus…