THE Straits Times Index (STI) on Wednesday managed a 22.36-point rise to 3,338.86 in a quiet and subdued session, marked by interest in only a handful of counters and one where the majority of dollar volume was done in the 30 index components.Greece, China and the fate of US interest rates provided the backdrop in an unremarkable day very much like many before it. Volume done amounted to 1.2 billion units worth S$860 million, the average value of S$0.72 suggesting that low-priced stocks were the main actives.
Business done in STI members came to S$558 million, about 65 per cent of overall dollar value traded. Excluding warrants there were 232 rises versus 209 falls, indicating that most of the market did not follow the STI up.
"We are stuck in a trading range," said a dealer. "The STI, that is, not the rest of the market."
Among blue chips, Keppel Corp finished S$0.04 lower at S$8.15 on volume of 4.5 million. In its daily newsletter, Macquarie launched new structured warrants on Keppel, pointing out that the counter traded at a one-year low of S$7.91 in December 2014 alongside a slump in oil prices. "Its share price has since rebounded more than 20 per cent to trade at S$9.54 on 14 April before pulling back again due to uncertainty in Greece debts and Chinese stock market," said Macquarie Warrants.
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