Singtel, UOB help keep STI in the black

THE Straits Times Index (STI) kicked off the week with a 2.85 points gain at 3,515.85 on Monday thanks mainly to strong gains in Singtel and UOB. Earlier in the day, the index traded much higher but slipped into the red in the late afternoon after a weak opening for Europe.

Overall market turnover amounted to 1.8 billion units worth S$1.3 billion and excluding warrants, there were 258 rises versus 200 falls.

The session fell largely within expectations - a large rally in Hong Kong did not have much influence on sentiment here and although there were plenty of penny stocks in the actives list, the average unit traded was a week-high S$0.72, which suggests a continuing shift away from pennies that started just over a week ago.