STI ends week on firm note after property news

THE Straits Times Index over the course of this week rose to a new 12-month high when it closed at 3,145.29 on Wednesday but came under pressure on Thursday when oil prices plunged 5 per cent, then recovered on Friday after news that some property curbs are to be loosened slightly. With the STI gaining 14.51 points on Friday to 3,133.35, the gain for the week came to 11 points or 0.4 per cent.

Turnover, which for January and February consistently rose well above S$1 billion per day, tapered off this week to an average of S$1.05 billion between Monday and Thursday. On Friday, with the boost from a spurt of interest in property stocks, volume amounted to 2.6 billion units worth S$1.4 billion. Excluding warrants, the advance-decline score was 269-195.

Meanwhile, the authorities announced on Friday that among other measures, property seller's stamp duties would be revised to holding periods of three years from four years previously and be lowered by four percentage points for each tier, making the range 4-12 per cent.