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
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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