US rate, Brexit issues keep market on edge

HAVING already sold in May, traders in the local market looked to be following up with the second part of the old adage on Monday as wariness ruled ahead of a potential June rate hike in the United States and the Brexit referendum a month away.

On Monday, the Straits Times Index (STI) managed to edge up 3.11 points or 0.1 per cent to 2,766.93 in a second session of gains. In the broad market, the field was almost evenly matched, with 197 gainers versus 193 losers and the rest flat.

About 1.02 billion shares worth S$690.2 million in total changed hands, which worked out to an average unit price of S$0.67 per share. Of the total value traded, about S$490.5 million or 71 per cent was in STI component stocks, a little below the more typical three-…