Market Summary -- 21st Jun 11

FTSE STI closed 3,053.51, up 39.91 points or +1.32% with a total volume of 1.13b and a total value of S$1.30b.  Total number of advance vs decline was 379 vs 103.  Of the 30 component index stocks, 27 closed positive, 1 closed negative and 2 remained unchanged.  The top 5 gainer component stocks were :-

1. JMH 400US$  +0.880

2. CityDev  +0.360

3. UOB  +0.300

4. Jardine C&C  +0.280

5. KepCorp  +0.260

The only loser component stock was :-

1. HKLand US$  -0.040

US markets moved up at least 0.5% yesterday night as Greece's debt issue eased.  However, volume was thin.  Asian bourses took the cue and closed positive for the day rebound from yesterday sold off.  Nikkei closed +1.13%, SSE +0.96% and HSI +1.16%.  STI in line with regional bourses closed +1.32% with 27 of the 30 index stocks registered positive closing.  Investors came in bargain hunting as Greece's issue starting to ease.  Greece's PM will be asking for vote of confidence in Parliament in order to meet the condition by EU and IMF for the second bailout funds.  US Fed will enter a 2-days meeting to decide on the interest rate and status of US economy.

STI after hitting an intra-day low of 2,999 on 17th Jun 2011, hitting on the dot of the lower boundary of the triangle formation managed to rebound from it and now still ranging within the triangle.  Immediate resistance will be 3,080.