AFTER dropping 64 points in two days of post-Brexit selling, the Straits Times Index (STI) on Tuesday rebounded 26.68 points to 2,756.53. Short-covering and possible early window-dressing of key blue chips were likely contributors to the upward push, the latter coming two days before the end of the first half.Turnover amounted to 1.1 billion worth S$1.14 billion, slightly elevated because of volatility induced by the UK's vote to leave the European Union. Excluding warrants, there were 232 rises versus 139 falls.
In other markets, the Hang Seng finished with a 0.3 per cent loss, the Nikkei ended practically unchanged and the Dow futures rose 190 points. On Wall Street, the Dow Jones Industrial Average's two-day loss over Friday and Monday amounted to 670 points.
Given the uncertainty shrouding Britain's EU withdrawal, brokers were understandably hesitant to draw any conclusions about the bounce. "Possibly a dead cat," was one comment, while another was that if funds were looking for defensive safe havens in the region, the Singapore market should benefit.
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