STI gains from late window-dressing push

THE Straits Times Index struggled for most of Monday to stay in the black in the face of selling pressure in China and Hong Kong, dipping briefly into the red in the late afternoon before a late, month-end window-dressing push took it to a net gain of 17.13 points at 2,666.51.

Volume spiked up to 1.5 billion units worth S$2.6 billion, thanks mainly to a US$1.72 surge in Jardine Matheson to US$58.22 that added S$995 million to the total. The stock is to be added to the MSCI Hong Kong Index.

The broad market was mixed with 196 rises versus 187 falls. General sentiment was cautious, understandable given the volatility of the past few weeks. Brokers did, however, note that swings in China were having less of an impact here than they did earlier in th…