IT hasn't been a particularly good week for the local stock market, with the Straits Times Index (STI) dropping for two out of the four days, and with Thursday's 5.27 points rise to 3,196.66 only a token - and feeble - attempt at a National Day rally.Combine this with declining volume and, perhaps most importantly, the loss of momentum and interest in penny stocks, and it adds up to four days that dealers would prefer to forget.
For the week, the STI lost about six points. On Thursday, the STI's rise did not capture the broad-based weakness evident in an advance-decline score of 193-261. Turnover was a poor 1.5 billion units worth S$1 billion.
Providing the backdrop was another intensely volatile week for a China market whose steep losses have been causing spillover selling here.
Further afield, the reopening of the Greek stock market after a five-week suspension saw it losing 20 per cent on the first day but subsequent days saw more stable trading, suggesting that for now Greece is not a concern.
What is a concern is when US interest rates might be raised, with markets worried that it might be September instead of December. Mid-week, Wall Street fell after Federal Reserve governor Dennis Lockhart said he was in favour of a September lift-off.
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