FOUR consecutive days of losses followed by a rebound on the fifth, a broad decline of interest in penny stocks punctuated by bursts of interest in a few, and no real direction from overseas markets.In a nutshell, these were the main features of the past week, which - it has to be said - lent credence to the adage "sell in May and go away".
Between Monday and Thursday, the Straits Times Index (STI) dropped 55 points, a loss that was reduced by Friday's 19.23 point bounce to 3,452.01. For the week, the index recorded a 35 point or one per cent fall.
Turnover was generally soft, Tuesday's S$886 million believed to be the lowest one-day total this year. On Friday, not much better was done - 1.2 billion units worth S$991 million. Despite the STI's rise - which came thanks to rises in the Jardine stable, Singtel and the banks - the advance-decline score excluding warrants was a close 236-200.
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