IF trading on Wednesday, the first day of the new quarter, was largely forgettable, the follow-up wasn't much of an improvement. If anything, it might even have been worse.

On Thursday, the Straits Times Index displayed no verve or clear direction. The low volume of 1.4 billion units worth S$926 million is one indication of the terminally dull phase the market has now found itself in. The index did, however, manage to muster a 6.73-point gain at 3,453.75 which brought its gain for the week to three points.

The unit average of S$0.66 per unit suggested that traders had to resort to punting the pennies to overcome boredom, an assessment that proved accurate after conversations with dealers.