FTSE STI closed 3,038.03, up 33.85 points or +1.13% with a total volume of 3.88b and a total value of S$1.31b. Total number of advance vs decline was 299 vs 148. Of the 30 component index stocks, 20 closed positive, 2 unchanged and 8 in the red. The top 5 gainer component stocks were :-
1. Jardine C&C +1.140
2. JMH 400US$ +0.530
3. JSH 500US$ +0.490
4. HKLand US$ +0.230
5. UOB +0.210
The top 5 loser component stocks were :-
1. SIA Engg -0.110
2. Kep Corp -0.110
3. Olam -0.050
4. StarHub -0.040
5. SPH -0.040
5. SIA -0.040
US markets rebounded yesterday with average +0.3% and Asian bourses taking the cue mostly positive for the day with Nikkei +0.91%, SSE -0.19% and HSI +0.84%. STI after 10 days of losses, finally managed to close positive with a 1.13% rebound. 20 of the 30 index stocks posted gain.
Global markets rebounded after past days of selling due to fear of US Fed tapering and Syria issue. The rebound does not mean those issues investors have putting behind them but rather due to oversold rebound. Most investors still very much cautious and will not rush in until those uncertainties are totally gone.
STI finally recorded a gain after 10-day of loss. The rebound should be seen as short-covering and oversold bargain hunting and not investors rushing in. For short-term players, the rebound is chance to take profit. For long-term investors, still need holding power and stomach the volatility. By mid-September, market will hit a bottom and rebound due to fundamental. Hence, investors with mid to long time frame should accumulate on weakness those fundamental strong stocks during these periods.
