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Singapore: STI rises 8 points in broadly weak session


Trading in the local market remained quiet even as some prices were lifted by hopes that Greece will eventually be bailed out and remain in the eurozone.

Among the stocks to benefit were Straits Times Index heavyweights Singtel and the banks, enabling the index to register a 7.99 points rise to 3,340.93. However, excluding warrants there were 183 rises versus 238 falls, suggesting the session was weaker than the index's movement.

Turnover in the meantime was a mediocre 1.2 billion units worth S$989 million, in keeping with most days this year, with sentiment possibly even further affected by concerns over whether Greek negotiations might once again fail.

Brokers said the extreme volatility in China and Hong Kong and fluidity of the Greek situation was keeping many players out of the market.

In the commodities sector, shares of Noble Group initially rose but eventually ended unchanged at S$0.715 on volume of 53.8 million. The company said it has set up an independent Board Committee consisting of four non-executive independent Noble Board members who in tun have appointed accounting firm PricewaterhouseCoopers to conduct an assurance review of Noble's mark-to-market models, valuations, and governance framework.

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In response, the Singapore Exchange (SGX) said it welcomes the move as it will address and help bring closure to questions raised by the market on this issue.

"SGX has been monitoring public comments and Noble Group's responses. We have been in close communication with the company on meeting the needs of its stakeholders and we look forward to the company's release of the results of the third-party review," said the exchange.

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