FTSE STI closed 2,419.29 down 42.14 points or 1.71% with a total volume of 1.147b and a total value of S$1.381b for the day. Total number of advance vs decline was 194 vs 355. Of the 30 STI component stocks, 22 closed negative, 5 closed positive and 3 remain unchanged. The top 5 loser component stocks were :-
1. UOB -0.600
2. Wilmar -0.250
3. DBS -0.240
4. SembCorp -0.180
5. CityDev -0.160
The 5 gainer component stocks were :-
1. NOL +0.080
2. Noble Grp +0.070
3. JSH 500US$ +0.040
4. F&N +0.030
5. CapitaMall +0.020
US government has agreed a US$85b help for AIG and in place take a 79.9% stake in the company. However, Asia markets are not reacting to this piece of news with heaving selling pressure arises from blue chips and defensive stocks. A possibility is that funds are selling to raise the cash for redemption. STI might see some temporary bottoming once the selling has completed.
