Singapore shares end higher but turnover dips despite cut in board lot size

SINGAPORE - The local stock market failed to get a significant lift on the first day of trading under a smaller board lot size.

The benchmark Straits Times Index added seven points or 0.2 per cent to 3,307.7.

Some 1.2 billion shares worth a total of $897.2 million changed hands, lower than last Friday's turnover, where 1.8 billion shares worth $1.4 billion were traded.

Board lot sizes are reduced from 1,000 to 100 shares with effect from Monday.

There had been hopes that the move would bring in more liquidity and retail investors for whom pricey blue-chips may have been out of their reach previously.

Shares here were mostly in line with the performance of regional bourses, which saw stocks gaining after Wall Street jumped last Friday, thanks to a slight recovery of oil prices.

Tokyo gained 0.9 per cent, Sydney added 0.2 per cent while Seoul went up 0.8 per cent.

But Shanghai plunged 7.7 per cent while Hong Kong dropped 1.5 per cent after Chinese regulators clamped down on margin trading, in which investors get credit from their brokers to buy more shares.