ThaiBev surges, pennies feel gravity

STI nears two-year high at 3,327.83; Rowsley, Sincap in correction mode

A SURGE in Thai Beverage and a correction in a number of penny stocks marked Tuesday's trading, as the Straits Times Index rose 17.03 points to just about a two-year closing high of 3,327.83, up 0.5 per cent.

About 2.78 billion shares worth S$1.17 billion in total changed hands, which works out to an average unit price of S$0.42 per share. Losers outnumbered gainers 265 to 214.

Thai Beverage, which makes the bulk of its profits from spirits and beer sales in Thailand, added S$0.035 to S$0.965 on over 72 million shares traded. The closing price marked a high not seen in many months. Volumes were also significantly higher than normal.

DBS Group Research analyst Andy Sim, who sent out a note on Tuesday...

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