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Citi bailout fails to excite
Modest rallies on Asian bourses as traders stay cynical amid uncertainty. -ST
By Goh Eng Yeow, Markets Correspondent THERE was a mixture of relief and fear, as Asian bourses got a leg-up yesterday from Wall Street's exuberant reception to the United States government's bailout of troubled lender Citigroup. But the soothing effects began to wear out even before the trading day drew to a close. Traders simply seized the opportunity created by higher stock prices to sell their depressed stocks 'into strength'. In Singapore, the benchmark Straits Times Index ended 32.96 points, or 2.03 per cent, higher at 1,653.25, after hitting an intra-day high of 1,690.82.
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