ST Index slips as early gains fizzle out

TRADING on Wednesday was quiet with turnover amounting to a low 1.4 billion units worth S$789.4 million. Rises in the three banks helped the Straits Times Index move into the black intraday but the momentum was not sustained, the index closing with a net loss of 9.61 points at 2,901.70.

Brokers described the session as largely devoid of features but added this was to be expected, given the upcoming holidays and the withdrawal of capital from emerging markets triggered by expectations of a faster-than-forecast US interest rate hiking cycle.

The session's most actively traded stocks were movie firm Spackman, commodities firm Noble Group, and oil and gas firm Ezra, while the most actively traded index members were Golden Agri Resources, Singtel and Genting Singapore.