DJ MARKET TALK: STI +0.3% Midday; China Sun Boosts Volume Jul 04, 2006 12:53 0441 GMT [Dow Jones] STI +0.3% at 2444.78 midday with volume of 713.7 million shares, boosted by frenetic trading in China Sun (C86.SG); Monday's volume 769.8 million. Blue chips largely range-bound, with investor interest concentrated on China plays. Creative (C76.SG) top gainer on STI, +4% at $9.20 with stock attracting some buying after 32% fall so far this year. Other harshly sold blue chips also gaining; Neptune Orient Lines (N03.SG), which down 24% year-to-date, +2.8% at $1.86. 'The market has cleansed a lot of trading positions. It may be starting a new cycle' higher, says broker. China Sun +16.4% at 81.5 cents on volume of 109 million shares after Merrill Lynch starts coverage with buy, $1.26 price target. SGX futures suggest limited upside for rest of session; July contract +1.1 at 293. STI likely in 2435-45 range.(WES)
|