STI up on gains in HK, Dow futures

TRADING in the local stock market got off to a cautious but firm start to the week with the Straits Times Index (STI) rising 3.78 points to 2,660.65 in response to a 150-point rise in the Dow futures and a 0.9 per cent gain for the Hang Seng Index. Turnover amounted to 1.3 billion units worth S$1.06 billion; and excluding warrants, there were 234 rises against 132 falls in the whole market.

Of the dollar volume, S$744 million or 71 per cent was done in the 30 STI components. DBS, which released its fourth-quarter and full-year figures on Monday, fell S$0.06 to S$13.62 on volume of 9.6 million, contributing S$132 million towards turnover.

"People chased the share up in the morning, then sold in the afternoon," said a dealer. "Classic case of buy in anticipation, sell on news." DBS's intraday high was S$13.94.