FTSE STI closed 3,055.72, up 26.78 points or +0.88% with a total volume of 3.85b and a total value of S$1.24b. Total number of advance vs decline was 293 vs 161. Of the 30 component index stocks, 16 closed positive, 6 unchanged and 8 in the red. The top 5 gainer component stocks were :-
1. Jardine C&C +1.050
2. JSH 500US$ +0.470
3. UOB +0.410
4. DBS +0.380
5. OCBC +0.120
The top 5 loser component stocks were :-
1. JMH 400US$ -0.120
2. StarHub -0.030
3. SGX -0.020
4. HKLand US$ -0.020
5. ComfortDelGro -0.015
US markets closed down last Friday after weak consumer spending data and concern of Syria issue. Asian bourses however were positive for the day due to couple of events. Nikkei +1.37%, SSE 0% and HSI +2.04%. STI recorded its 2nd positive session for the past 12 sessions tracking regional bourses moved higher with +0.88% closing with slightly higher volume but thin value. 16 of the 30 index stocks posted gain.
US President wanted to air strike Syria but lack the support as such no action was carried out over the weekend and this gave investors some relief. China released its official PMI for August over the weekend coming in at 51 after past months of sluggish performance. That provided some relief for investors today with short-covering and bargain hunting coming in. In the afternoon, Euro zone also released its PMI coming in at 51.4 better than the previous month. US markets will be closed for today for Labor day holiday and investors apart from the Syria issue will be closely monitor the US non-farm payroll for August due to release this Friday to determine whether US Fed will start to taper during its 2-day FOMC meeting on 17th - 18th Sep.
A relief rebound for STI today after only managed to register only 1 positive sessions for the past 11. Though broad market was higher but still lot of cautiousness as investors awaiting for firmer news and catalysts. Most of the activities were on the penny stocks in which punters doing a quick punt for profit. While there might be a chance of another capitulation and US Fed will start to taper but investors should not ignore the solid fundamental missing the chance to accumulate on weakness.
