Traders buy ahead of expected US bounce
After two straight days of losses and a total drop of 19pts, STI recovers 12.68pts with banks, HK Land leading the gains
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A SHARP rise in the futures contracts on Wall Street indices enabled the Straits Times Index on Thursday to rebound 12.68 points to 3,338.84 after two days of losses during which it fell a total of 19 points.Turnover was a low 1.3 billion units worth S$1.06 billion and excluding warrants there were 223 rises versus 218 falls, suggesting that the session was more mixed than the index's rise indicated.
Within the STI there were 21 rises versus five falls. Gains were led by the banks OCBC and UOB, whose rises pushed the index up a total of five points. Jardine group's Hongkong Land was also prominent, its US$0.10 rise to US$7.50 accounting for a further 1.8 points.
The day's most actively traded stock was Resources Prima, which listed two months ago on Catalist. Formerly Sky One Holdings, the company is now involved in coal mining in East Kalimantan in Indonesia.
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