ST Index creeps up to 7-year high

THE local market managed to brush off gloomy global economic figures to reach a fresh high on Wednesday but may well find its "penny" market reputation harder to shake.

Although the Straits Times Index climbed to its highest point in slightly over seven years, gaining 0.5 per cent, or 18.87 points, to 3,539.95, most of the trading action remained stubbornly in the penny stock aisle.

Still, the local benchmark index performed better than most of its regional counterparts, which were dampened by news of economic slowdown in China.