Singapore's STI ekes out slight gains, but penny stocks are garnering the bulk of market action. The STI is up 0.1% at 3,310.42.
"We just had the Easter weekend so everyone is just waiting to see what happens," says Kelly Teoh, market strategist at IG Markets Singapore, noting US manufacturing data disappointed Monday while the key US non-farm payrolls data are due Friday. "Everyone is sitting on the sidelines."
Volume is 1.39 billion shares valued at only $309 million; in the broader market gainers top losers 1.2 to one. OCBC tips a 3,280-3,320 range.
Thai Beverage (Y92.SG) is up 2.5% at $0.625 in strong volume, the best-performing STI component.
GLP (MC0.SG) is down 1.1% at $2.62, possibly tracking declines in the Nikkei due to its Japan exposure. STX OSV (MS7.SG) is up 2.0% at $1.255 after Maybank-Kim Eng initiated the stock at Buy with $1.66 target price.
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