FTSE STI closed 3,224.03, up 12.38 points or +0.39% with a total volume of 1.15b and a total value of S$1.01b. Total number of advance vs decline was 265 vs 140. Of the 30 component index stocks, 19 closed positive, 2 unchanged and 9 in the red. The top 5 gainer component stocks were :-
1. JMH 400USD +0.850
2. Jardine C&C +0.660
3. UOB +0.410
4. DBS +0.120
5. Kep Corp +0.090
The top 5 loser component stocks were :-
1. Ascendas Reit -0.070
2. HongkongLand USD -0.040
3. SGX -0.030
4. SembCorp -0.030
5. OCBC -0.030
US markets rallied at least 1% yesterday and Asian bourses taking the cue traded positive for the day with Nikkei +1.46%, SSE +1.51% and HSI +1.27%. STI rose 0.39% in higher volume and value than yesterday with 19 of the 30 index stocks posted gain.
Positive corporate earning and surprise Consumer Confident data boosted US markets to rally at least 1% yesterday ahead of the outcome of tonight US Fed FOMC meeting. Asian bourses taking the lead were positive for the day. There should not be any surprise when US Fed officially announce the end of its QE3 tonight and investors are looking for any clues of when interest rate will be hike. The keyword would be the "considerable times" in which US Fed intends to keep interest rate low. US markets could on a rough ride tonight given that it has rebounded strongly from 2 weeks ago sold down.
STI recovered some of the loss from yesterday with the help of some short-covering ahead of tonight US Fed FOMC meeting outcome. A knee-jerk reaction might happen tomorrow either to the downside or upside in relation to the US Fed FOMC meeting but the underlying remain that most of the stocks still traded in range bound mode. A consolidation is very much needed and not volatile swing.
