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Singapore shares close slightly higher in thin trading as market waits for Brexit outcome

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THE local stock market on Thursday underwent one of its most featureless and lacklustre sessions this year, which was not surprising given that investors the world over were waiting for the result of the UK's referendum on whether to stay or exit the European Union known as "Brexit".

In total, the market only managed to muster volume of 753 million units worth S$691 million - way below the S$1 billion threshold that is seen as being the market's long-term average.

Gains for UOB and OCBC helped add 7.72 points to the index at 2,793.85, while the broad market excluding warrants recorded 192 rises versus 167 falls.

"We'd have been better off staying up at night to watch the Euro football or the Copa America matches and forgoing coming to work," said a dealer, echoing general sentiment among most of this peers.

SingPost's slide in the wake of the resignation of its chief operating officer continued for a second consecutive day when it dropped S$0.035 to S$1.47, exhibition firm Cityneon flirted with setting another all-time closing high when it rose to S$0.905 before ending a net S$0.005 weaker at S$0.885 on volume of 2.4 million, while the newly-listed Frasers Logistics and Industrial Trust kept its head above its S$0.89 offer price when it ended S$0.005 lower at S$0.915 on turnover of 9.4 million units.

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