THE total market value of Singapore listed companies rose by just 2.7 per cent for the first half of the year, as a sharp sell-down in June pared back earlier stronger gains.

The 800-plus companies on the Singapore Exchange were worth a combined $910.2 billion last Friday, the last trading day for the half-year. That was just marginally up from the total value of the bourse, of $886.6 billion, at the end of last year.

The market had been worth as much as $957 billion at the end of April. Prices began to fall in mid May after the United States central bank hinted that it would soon be curtailing its money-printing programme.

Given that the market has in recent years arguably been driven more by "hot money" than economic fundamentals, stocks have fallen sharply on fears that the era of cheap money may soon be over.