Short-covering keeps STI on an even keel

PERHAPS the best thing that can be said of Wednesday's stock market session was that the Straits Times Index avoided a fifth consecutive loss, though this was likely via short-covering than anything else.

Noble Group's volatility has also provided some scope for journalists looking to fill their pages but finding precious little to write about, especially since penny fever has quite clearly diminished.

In any event, after losing 93 points between Thursday last week and Tuesday, the STI's 0.35-point bounce to 3,191.39 on Wednesday brought some relief, even if it occurred in relatively low volume, and even if the advance-decline score of 188-243 excluding warrants pointed to more weakness than strength in the broad market.