AFTER a short-covering bounce on Thursday morning that gave a
mistaken semblance of stability because it added 30 points to the
Straits Times Index (STI), pressure returned in force during the
afternoon session, leaving the STI 27.07 points worse off at 2,532.70 at
5pm.
Turnover remained elevated at 1.2 billion units worth S$1.4 billion
and, excluding warrants, there were 127 rises versus 288 falls. Of the
total volume traded, just over S$1 billion was generated by the 30 STI
components.
Over in North Asia, the Shanghai Composite Index plunged 3.2 per
cent, taking 1.8 per cent off the Hang Seng Index, while a weak session
for the Dow futures indicated Wall Street would likely remain depressed
on Thursday. At 5pm, the March contract was trading at a 120-point loss.
Brokers said the volatility spike of the past few weeks and the
unpredictability of the China market was making it impossible to say
when the selling might end.
