Blue chips flat on Wednesday as traders remain glued on penny stocks

SINGAPORE'S blue chips ended slightly lower on Wednesday as the benchmark Straits Times Index (STI) gave up early morning gains.

The STI closed at 3,208.58 points, down 3.17 points or 0.1 per cent.

With little action on the large-cap front, traders focused their attention on punting penny stocks. Some 9.08 billion shares changed hands but these were worth only $1.4 billion, showing most of the trades in were low-cost counters.

Much of the volume was generated by remisiers trading on their own accounts. Dealers reported that brokers with deep pockets were also in the market, as were retail investors lured in by the market movements.

Ipco International was the flavour of the day, rising one cent or 29 per cent to 4.4 cents. Some 2.07 billion shares were traded, making it the day's most active counter.