MOST brokers were pleased by trading volumes in shares in Jardine Matheson and Jardine Strategic. However, yesterday was a dull day on the Singapore Stock Exchange with turnover just S$113 million (about HK$598.9 million), less than 1994's record low of S$114 million, set last Friday. About 700 million shares were traded. Jardine Matheson traded 120,800 shares and closed at US$6.95-$7 while Jardine Strategic traded 389,500 shares and closed at US$3.34-$3.38. Both were down about two per cent on the day, but brokers said this compared favourably to the Hang Seng's four per cent fall. Jardine Matheson company secretary Neil McNamara said: 'The initial trading volume today was satisfactory with share prices remaining firm.' Most fund managers in the region are still on holiday, and markets in Europe closed on Monday evening. 'It was a good start from zero,' said Edmund Lee, dealer at Vickers Ballas. J M Sassoon director Lim Eng Hai said: 'There's some trading, a two-way quote, and no elephant spread [50-100]. 'Any volume is a huge improvement. Nothing was ever done before. Not giving people a choice in Hong Kong has helped.' Lawrence Wong of the settlements department at J M Sassoon said: 'Most of the trading looks like it is coming from Singapore brokers with offices in Hong Kong. 'In other words, Hong Kong-based transactions booked in Hong Kong.' There continues to be some confusion over details in trading arrangements, especially from brokers who are not executing Hong Kong-based trades in the company's shares. 'We managed to execute two or three small orders for less than US$200,000 in the shares,' said Fu Ya-yin, head of sales for Baring Securities. 'Some clients were unsure whether their scrip was available to sell. 'They thought it could take two weeks to register and credit into their scripless accounts.' The Jardine group did, however, provide a list of brokers who were fully briefed on the transfer. 'Investors could have sold their shares because we have seven days settlement,' said an SES spokesman. 'I don't suppose there has been a problem with the transfer.' Mr McNamara said: 'The details on the share transfer were clearly set out in the instructions to settlement. 'They know that the shares would be here tonight or tomorrow morning.' Over the weekend, scrip was transferred from Hong Kong to Singapore. Trading could have begun yesterday morning, even though scrip was not registered with the central depository of the Stock Exchange of Singapore until yesterday afternoon, according to a spokesman for the SES and Mr McNamara. Mr Lee said: 'The crunch time will come when the other Jardine group companies de-list from Hong Kong, and there is nothing on the screen to remind people about the group.' In the meantime, some brokers are hopeful about Singapore-based interest in the shares. 'We had a briefing in November, and were surprised when 30 fund managers showed up,' said Mark Wyrell, head of research at W I Carr (Singapore). 'The Singapore market has been fairly solid, while Hong Kong was tanked. Jardines is in between. It will be interesting to see which it follows.' W I Carr has a buy on the share which it has been recommending to its European clients. Dealers and analysts continue to express concern that Jardines is not included in any local index.