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Even so, the China authorities' inept attempts to stem the bleeding in their stock market has undoubtedly contributed to the contagion selling everywhere. On Thursday for example, regulators removed ill-conceived circuit breakers that had only just been installed on Monday.
Regulatory ineptitude aside, one consolation available to players in the local market - if it can be called that - is that volume spiked up mid-week to S$1.6 billion, the highest since window-dressing boosted turnover to S$1.7 billion on Nov 30 last year.
On Friday, some stability returned, reportedly because China, after lowering the yuan rate eight consecutive times, raised it.
Short-covering all around the region as well in the Dow futures thus helped the Straits Times Index avoid a fifth straight fall when it rebounded 21.32 to 2,751.23, though the loss for the week - and the year so far - still amounted to a considerable 131 points or 4.5 per cent. Turnover on Friday amounted to 1.4 billion units worth S$1.2 billion and excluding warrants there were 235 rises versus 150 falls.
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