STI drifts to 0.6% loss for week ahead of US elections

AHEAD of the US presidential elections on Nov 8, markets everywhere traded within narrow bands, which is entirely to be expected given the massive uncertainty that could ensue if Republican candidate Donald Trump wins.

As a result, the Straits Times Index drifted to a 12.68-point loss at 2,816.26 on Friday, dropping 16 points or 0.6 per cent over the week. Friday's market turnover of 929 million units worth S$878 million completed five consecutive days that dollar value fell below the S$1 billion threshold widely seen as the breakeven point for the broking industry. Friday's volume was the highest for the week, elevated by a large push on Singapore Post (SingPost).

Traders resorted to churning the second and third lines. In some cases the interest was wholly speculative; in others there were corporate developments on which to trade.