1. HKLand US$ +0.050
2. Olam +0.035
3. CapitaMall +0.030
4. GLP +0.020
5. CapMallsAsia +0.010
5. Capitaland +0.010
5. ComfortDelGro +0.010
5. Goldengr +0.010
5. SPH +0.010
The top 5 loser component stocks were :-
1. Jardine C&C -0.670
2. JMH 400US$ -0.180
3. UOB -0.150
4. DBS -0.120
5. F&N -0.100
US markets fell at least 1.5% yesterday night after Spain officially seek for bailout and Moody's downgrading Spanish banks as investors feared will be a full blown out for Spain. Asian bourses taking the cue mostly ended in the red. Nikkei closed -0.81%, SSE -0.09% and HSI +0.45% bucking the trend. STI closed 0.34% in another thin volume day with only 9 of the 30 index stocks registered positive closing.
Same old issues on EU debt crisis that swing the market and nothing more. Fear of Spain will get full blown out when it seek aids and EU leaders will not have powerful solutions in the coming Summit ( after Germany again resisted Euro bond ). Furthermore, another EU nation Cyprus also requested for EU aids. Before Spain seek bailout, investors were worried and sold down the market. After Spain seek bailout, investors again worried they will have full blown out. Is that anything logical and irrational when market players played to these events and sold down the market ? Answer is NO and you should know what to do already.
Singapore this afternoon released its May Manufacturing Output data coming in +6.6% better than the +4.5% expected. That brought some relief to the Singapore economy as a whole.
Stress again, focus on the positive development from EU leaders in the coming EU Summit, the 1H window dressing and next month earning season and not on all those old and as usual negative news.
