1. JMH 400US$ +0.790
2. JSH 500US$ +0.290
3. SembMar +0.090
4. OCBC +0.050
5. Semb Corp +0.050
The top 5 loser component stocks were :-
1. UOB -0.220
2. Kep Corp -0.100
3. Jardine C&C -0.080
4. DBS -0.040
5. CityDev -0.040
US markets again closed in the red ahead of next week US Fed FOMC meeting. Asian bourses started off weak but all managed to rebound and close mostly positive with Nikkei +0.40%, SSE -0.31% and HSI +0.12%. STI finally managed to snap a 8-days in the red to close positive; just positive after staging an intra-day rebound like most regional bourses. Daily volume and value were thin though and 16 of the 30 index stocks posted gain.
US House passed the proposed budget deal and if Congress also approved, make it into a bill and US President signs it, US will not have the budget issue at least till 2015. However, the detail of the budget deal is rather thin as it does not increase the debt ceiling (neither do it reduce it) as it just concentrate on spending cut. There is every chance that the debt level will hit the debt ceiling despite technically speaking with the spending cut in place it should not be. So don't be overly happy with US Government debt issue. The news of that deal also fasten investors believe that US Fed could really taper this month. Investors should really need to look beyond tapering and not focus on when it will happen.
STI after past 1 week of continuous selling down, finally managed to close positive after it staged an intra-day rebound like most of regional bourses. Does that need worse is over ? Well as far as concern, if by mid of next week STI does not drop lower than this week low then like what Paul Simon said 'Slip slide away' (investors bargain hunt opportunity). There are funds dumping probably closing account book today (as could be their last day) or some cautious ahead of next week FOMC meeting but nevertheless, if the fundamental and valuation is cheap, ignore the short-term noise. Not all stocks have hit the bottom, be know what you want to bargain hunt.
