MONDAY'S column suggested that the Straits Times Index might see some month-end window-dressing and given that volume in the 30 STI components spiked up to 400 million units worth S$1.3 billion - about twice last week's average - this was likely the case. However, last-minute selling of several index stocks ensured the STI reversed an 8-point gain at 5pm to close a net 3.18 points weaker at 2,855.94 after the post-closing adjustments at 5.10pm.Overall, turnover amounted to 1.4 billion units worth S$1.7 billion and excluding warrants, there were 166 rises versus 225 falls.
An absence of direction from overseas was cited as a reason for the lethargy as traders waited for the International Monetary Fund's decision on whether China's yuan is to be admitted as a reserve currency. Also on the horizon is the upcoming US Federal Open Markets Committee meeting, which is widely expected to yield an interest rate hike.
Index stocks which saw heavy trading included Genting, Noble Group, Hongkong Land and Singtel. The telco ended S$0.03 stronger at S$3.83 with 35.5 million done. OCBC Investment Research on Monday issued an "overweight" on the telecom sector, saying it believes that the three companies will stand out in an increasingly uncertain market in 2016, given their defensive business, strong cash-flow generating abilities and relatively attractive yields.
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