SGX Singapore Closing Market Update : Epic Research Singapore

DESPITE Hong Kong re-opening after the Easter Monday holiday, trading in the local stock market on Tuesday remained listless, with the Straits Times Index (STI) drifting 11.21 points lower to 2,819.08. Turnover remained subdued at 1.5 billion units worth S$970 million; in comparison, last Friday's volume was S$1.2 billion. Excluding warrants, there were 181 rises versus 201 falls.

Retail brokers reported only minimal incremental business during the past three to four weeks and that even this has now vanished.

"Plenty of shorting and covering," said a dealer, referring to the events of the past month.

In the second line, shares of plastic injection mould firm Sunningdale Tech, which a month ago traded at S$0.80, rose S$0.005 to S$1.075 on volume of 800,600. CIMB in a March 28 initiated coverage of the stock with a S$1.49 target price based on a price/book of 0.8x.

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