As it turned out, Ms Yellen's dovish statements about the need to proceed cautiously with rate hikes could not have been better-timed as it gave funds the perfect opportunity to push the Straits Times Index up almost 54 points on Wednesday.
That rise was viewed almost universally with scepticism by market observers, so it came as no surprise that there was no follow-through on the two days. Thursday's 31-point fall followed by Friday's 22.41-point loss at 2,818.49 meant that Wednesday's rise was wiped out; over the week, the index lost 29 points or just over one per cent.
Turnover has fluctuated throughout the week, from Monday's week-low S$773 million to Wednesday's week-high of S$1.2 billion. On Friday, 1.4 billion units worth S$973 million were traded and, excluding warrants, the advance-decline score was 145-235.
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