STI up 3.41 points in mixed session
SGX up on news of bourse setting up subsidiary with separate board of directors for frontline regulatory functions
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THE Straits Times Index kicked off the week with a 3.41-point rise to 2,928.76 on Monday, probably influenced by rises in Hong Kong and the Dow futures. Turnover was a respectable 1.4 billion units worth S$1.1 billion, though the broad market excluding warrants registered 200 rises versus 222 falls, a more mixed performance than the index's reading might have indicated.
The big news of the day was an announcement by the Singapore Exchange (SGX) that it is setting up a subsidiary to house and perform its frontline regulatory functions. Called RegCo, it will have a separate board of directors who will be independent of any listed company. In response to the news, SGX's shares rose S$0.06 to S$7.80 on volume of 1.4 million.
In the second line, shares of precision machine parts maker Innovalues crashed S$0.145, or 14 per cent, to S$0.885 on volume of 15.8 million, drawing a query from SGX. The company had not replied by the time trading ended.
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