Monday, May 23, 2011

Market Summary -- 23th May 11

FTSE STI closed 3,110.48, down 58.06 points or -1.83% with a total volume of 1.30b and a total value of S$1.67b.  Total number of advance vs decline was 99 vs 433.  Of the 30 component index stocks, 1 closed positive, 28 closed negative and 1 remained unchanged.  The only gainer component stock was :-

1. JMH 400US$  +0.180

The top 5 loser component stocks were :-

1. Jardine C&C  -0.920
2. UOB  -0.400
3. KepCorp  -0.300
4. SIA  -0.300
5. CityDev  -0.240
5. DBS  -0.240

US markets fell at least 0.7% last Friday.  Over the weekend, Greece debt rating was being downgraded and Italy was warned of the same.  Asian bourses reacting to the Europe zone debt and traded in negative region for the day.  The preliminary PMI of China also came in below expectation fearing the slowing down of manufacturing growth in China.  This further added to the selling pressure.  Nikkei closed -1.52%, SSE -2.93% and HSI -2.11%.  STI in line with regional bourses closed -1.83% with 28 of the 30 component stocks registered a negative closing.  Investors were selling out, stay cautious and monitor the situation of the Europe zone debt.  STI support at 3,120 was broken and next will be 3,040.  Despite the selling down, Reits and Telco stocks were relatively resilient as compared to the rest of the stocks.  Singapore announced April CPI and came in +4.5% vs +4.6% market expectation.  Many expected Singapore inflation to be peaked already.

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