1. F&N +0.390
2. CityDev +0.220
3. OCBC +0.110
4. SingTel +0.100
5. SembCorp +0.090
The top 5 loser component stocks were :-
1. JMH 400US$ -1.120
2. Jardine C&C -0.800
3. UOB -0.050
4. SIA Engg -0.020
5. JSH 500US$ -0.020
US markets on average fell 0.5% despite a drop in the jobless claims data with reason probably due to no QE in sight for the moment. Asian bourses were mostly positive for the day with Nikkei closed +0.05%, SSE +0.02% and HSI +0.35%. STI again outperformed regional bourses with +0.79% in a volume less than 2 billion and 18 of the 30 index stocks registered positive closing.
It was all about economic data for the day. China released its 2Q GDP coming in +7.6% fell short of expectation of +7.7%. Singapore also released its 2Q GDP in the morning coming in a -1.1% with expectation of +0.8%. Both set of data missed expectation. Expectation was that for Singapore 2H will rebound. As for China, the low GDP figure was pretty much expected if not China Government will not do a 2 interest rate within the past 3 months. Stock markets moved up after the news anticipating more stimulus from Chinese Government. While not ruling out more stimulus from Chinese Government, one should note that any stimulus being rolled out from China will only benefit Chinese economy and perhaps selectively to the rest of the world through selective sectors. The hope of "China will save the world" idea better not to have. Present situation is each individual country will have to look after themselves first putting things in order including US and Europe ( which not surprising US will never do it ).
Singapore will start earning season today with SPH being the first blue chip to roll out its result. Many are looking at STI 3000, debating whether can it cross or not. Do not waste time on such a thing. Focus on the individual stock instead.
