THE Straits Times Index slipped 16.83 points to 3,023.65 on Thursday in quiet trading that saw 1.2 billion units worth S$948.6 million traded, a loss that came despite a slight firming in Hong Kong and China, as well as a modest rise in the Dow futures.Traders said an impending US rate hike in December was the main factor after US Federal Reserve chair Janet Yellen said on Wednesday that the Fed expects to move forward with the first rate increase "in a timely fashion" as this is the "prudent thing to do".
Trading in the 30 STI components amounted to 217.3 million worth S$651.3 million, which in dollar terms was 69 per cent of the whole market's turnover. Excluding business done in the 30 STI members, volume was 983 million units worth S$297.3 million for an average of S$0.30, indicating most of the interest outside of the index was in penny stocks.
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