1. SIA +0.270
2. GLP +0.050
3. Olam +0.020
4. SIA Engg +0.020
5. NobleGrp +0.015
The top 5 loser component stocks were :-
1. Jardine C&C -0.390
2. JSH 500US$ -0.290
3. UOB -0.170
4. JMH 400US$ -0.170
5. KepCorp -0.140
US markets fell average 1.50% yesterday night as concern of Greece debt swap weighed on on top of China cutting growth forecast. The fear of Greece default comes 8th March should majority of private investors unwilling to take the 53.5% haircut to do a debt swap. Asian bourses after yesterday selling down, continued the selling with Nikkei closed -0.64%, SSE -0.65% and HSI -0.86%. STI closed -0.64% in thin volume day with only 8 of the 30 index stocks managed to register positive closing.
The fear of Greece default might be overdone as mentioned earlier in a bigger picture and long term view, Greece default will have more benefits to Greece itself and EU. The short-term impact of Greece default without any doubt will cause selling pressure in the markets as private investors need to selling off assets to repair the damage caused by Greece debt. Markets now lack of positive catalysts to move upside and hence any negative news will cause the pull back in which it is due to.
Remember current event does not allow overly optimistic or overly pessimistic and hence if markets do with that, the necessary reaction will result in market pulling back or rebound.
