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STI takes a breather

Summary

Despite fighting back from its 1,948.08 low this morning, the Straits Times Index (STI) still gave back some of yesterday's hard won gains, falling 11 points to 1,971.44 by the lunchtime bell.

Events

Microsoft MSDN/Developer Event
25 Mar 2010

One Marina Boulevard, Microsoft Singapore

IT Architect Regional Conference Singapore 2010
20 - 21 Apr 2010

Singapore Management University, Singapore

The Internet Show 2010
21-22 Apr 2010

Suntec Singapore

SINGAPORE--Despite fighting back from its 1,948.08 low this morning, the Straits Times Index (STI) still gave back some of yesterday's hard won gains, falling 11 points to 1,971.44 by the lunchtime bell.

Last night's US equity performance provided little direction for traders today--the Dow and Nasdaq Composite indices up about 0.2 percent, and the S&P 500 down 0.7 percent--as was reflected on the local bourse's thin volume.

Losers led gainers 197 to 70 on the STI with 166 million shares were traded at midday.

Today's top winner, Chartered Semiconductor, reversed its fortunes to rise 3.4 percent to S$15. Omni Industries and JIT also managed to add on to yesterday's gains, rising to S$3.02 and S$3.04, respectively.

Meanwhile, following yesterday's announcement that Singapore Press Holdings (SPH) would lose its newspaper monopoly and gain broadcasting rights, the share fell 1.9 percent to S$25.60.

Other net losers included Venture Manufacturing and Creative Technology which fell to S$19.80 and S$46.50 respectively.

Meanwhile, Bloomberg reported that MediaRing.com, which develops software enabling online phone calls, has declined as much as 4.2 percent after venture funds controlled by Richard Li, chairman of Pacific Century Cyberworks Ltd, sold seven million MediaRing.com shares so far this month, filings with the Singapore Exchange showed. MediaRing.com closed at S$0.47 during midday trading.

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