Slow start to the week

The Straits Times Index kicked off the week by drifting to a 4.87 points loss at 3,214.55 in low volume of 1.8 billion units worth S$669.4 million. The broad market was also soft, recording 213 rises versus 222 falls, excluding warrants. The closure of Wall Street for Memorial Day, which falls on the last Monday of May, was said to be a key reason for the lethargy here.

Banks had a mixed outing - DBS and OCBC inched higher but UOB ended marginally in the red.

Among the conglomerates, Sembcorp Industries (SCI) finished S$0.03 higher at S$3.18 on volume of 925,500. Phillip Capital in a May 29 report said it has initiated coverage of SCI with an "accumulate'"recommendation and S$3.50 target price.