The glitch struck in the morning, with dealers complaining that they were unable to see 'buy' and 'sell' orders entered by other dealers.

Some brokerages also encountered problems in the display of stock prices.

The Singapore Exchange (SGX) said after the market closed that the occasional interruptions were because of 'connectivity' problems encountered by its primary telecommunications provider. It did not name the provider.

For some remisiers, the glitch was an excuse to go for longer coffee breaks, confident they would not be missing much in a market where just 1.44 billion shares worth $1.66 billion changed hands.

'Investors have settled down to a wait-and-see attitude after the big run-up in share prices in the past four weeks,' said one trader.

The glitch, however, did seem to be behind the heavy selling pressure experienced by the SGX, which fell 27 cents to $8.72 on a volume of 11.9 million shares.

This drop contributed nearly half of the 9.85-point decline experienced by the benchmark Straits Times Index, which ended at 3,162.03.

At least the sell-down in bank stocks abated as the trading week drew to a close.

This was despite a US$7.8 billion (S$10.7 billion) loss suffered by the American Insurance Group, a shock that sent financial stocks reeling across the region.

Despite the lacklustre sentiment yesterday, traders were still willing to take a bet on penny stocks with a sexy theme. Perhaps it was the extra caffeine.

One was Oceanus Group, which rose 21.9 per cent to 25 cents on a volume of 73.4 million shares.

The live seafood producer started trading on Wednesday after successfully injecting its business into Catalist-listed TR Networks via a reverse takeover.

Waste treatment specialist Sino-Environment fell 16 cents to $1.87, with 2.13 million shares traded, as investors took profit. It ran up sharply earlier after giving positive updates on its desulphurisation plants.

The trading week also ended with investors wondering where the next punch to the face might come from.

While many believe that the worst of the credit crisis is finally over, there are plenty of fresh worries to occupy their minds.

Foremost is the record high crude oil price and the potential toll this will have on consumer spending.

For many traders, it was a case of TGIF as they bade farewell to one of the dullest trading weeks this year.

engyeow@sph.com.sg