Market Summary -- 24th May 11

FTSE STI closed 3,113.09, up 2.61 points or +0.08% with a total volume of 1.14b and a total value of S$1.33b.  Total number of advance vs decline was 278 vs 181.  Of the 30 component index stocks, 16 closed positive, 10 closed negative and 4 remained unchanged.  The top 5 gainer component stocks were :-

1. Jardine C&C  +0.300

2. DBS  +0.120

3. UOB  +0.080

4. SIA  +0.060

5. HKLand US$  +0.050

The top 5 loser component stocks were :-

1. JMH 400US$  -0.840

2. Wilmar  -0.080

3. F&N  -0.030

4. ST Engg  -0.020

5. CityDev  -0.020

5. JSH 500US$  -0.020

US markets fell at least 1% yesterday night in line with global markets when concern of Euro zone debts, China slowth growth and strengthening of USD caused investors to sell stocks and stay cautious.  While the Euro zone debt is not a new issues, investors still feel nervous when mentioned about it.  Asian bourses were mixed with Nikkei closed +0.17%, SSE -0.27% and HSI +0.09%.  STI closed +0.08% rebound from yesterday deep selling off.  A positive opening from Europe and DJ future supporting some bargain hunting.  The rebound today failed to move the index above the 3,120 ( previously support ) and market is now looking at global events for direction.  Support for STI 3,040 at the moment.