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SINGAPORE: The Singapore stock market was in a limbo on Monday morning as investors and traders stayed out of the market due to a glitch in the widely-followed market barometer, the Straits Times Index (STI).
The Singapore Exchange (SGX) said in a statement on Monday morning that the STI may not reflect the movements in its component stocks.
SGX said it has raised this matter with the manager of the index calculator, the FTSE Group, which is still investigating the matter.
The glitch also affected the FTSE ST index series, such as the FTSE ST All Share Index, FTSE ST Mid Cap Index and the FTSE ST Small Cap Index.
The problem for the STI was fixed just after 3pm, according to FTSE which calculates the index. But not yet for the other FTSE ST Index Series. FTSE said it is still investigating the problem.
All that was reason enough for many market players to remain on the sidelines on Monday, although analysts said the glitch should be kept in perspective.
Dealers said the market has been quiet and trading of index-linked stocks has been quite thin since the announcement was made.
A local dealer said: "The big boys do not want to get caught by the market uncertainty and are staying out of the market for now."
- CNA/yb/ls
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