STI kicks off 2017 on firm note in thin trade

IN contrast to 12 months ago, when a crashing China market brought the sellers out in force, the Straits Times Index (STI) kicked off 2017 on a more positive note, trading within a narrow band until a 120-point rise in the Dow futures and jumps in the Jardine group pushed it 18.21 points up to 2,898.97.

Turnover, however, was a weak 1.8 billion units worth S$798 million - in line with the S$852 million done on the first day of 2016, when the STI plunged 1.6 per cent. This time, trading was a lot more sedate, albeit firm, with the broad market recording 242 rises versus 158 falls excluding warrants.

After the index had briefly dipped into negative territory, the push came in mid-afternoon, when the Dow futures indicated a firm start to 2017 for Wall Street. Jardine Matheson and Hongkong Land were the main targets, their combined gains adding 10 points to the STI.