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Singapore: STI stages 9-pt rebound after Tuesday's 51-pt loss
AFTER Tuesday's 51-point loss, the Straits Times Index (STI) on Wednesday managed a 9.09-point rebound to 3,349.84. Turnover, which rose to S$1.7 billion on Tuesday, amounted to 1.3 billion units worth S$1.5 billion and excluding warrants, there were 199 rises versus 249 falls.
On Tuesday, business done in the 30 STI components was S$1.3 billion or 76 per cent of total volume. On Wednesday, the 30 index stocks chalked up volume of 318 million units worth S$1.1 billion, about 73 per cent of the total.
Tuesday's high index turnover was believed to be "portfolio rebalancing'' which involved selling Singapore stocks to make way for China stocks, after MSCI said it is considering including China A shares in its emerging markets indices.
According to the Financial Times, only China stocks listed in Hong Kong are included in the indices, although New York-listed China companies - including Alibaba and Baidu - will join them from November this year.
Whatever the case, Wednesday's rise helped cut the STI's loss for the year to about 16 points or 0.5 per cent.