FTSE STI closed 1,745.67 down 75.46 points or 4.14% with a total volume of 1.17b and a total value of S$1.23b. Total number of advance vs decline was 149 vs 341. Of the 30 component stocks, 6 closed positive, 19 closed negative and 5 remained unchanged. The top 5 gainer component were :-
1. HKLand US$ +0.100
2. ST Engg +0.080
3. CityDev +0.060
4. Yanlord +0.040
5. Cosco +0.020
5. StarHub +0.020
The top 5 loser component stocks were :-
1. JMH 400US$ -1.340
2. Jardine C&C -0.740
3. UOB -0.720
4. DBS -0.620
5. SIA -0.560
Asia bourses followed US overnight sharp drop due to fear of deep recession and gap down on open. Though all closed in the negative but above their respective intra-day low. Fear of recession and strong yen ( resulting in yen carry trade ) caused perhaps funds to sell off. Singapore bank stocks were in main focus when those banks involved in the Lehman Brothers' minibonds agreed to buy back either in full or partial from those affected investors. Offshore/Marine and Oil/Gas sectors were also under heavy selling pressure when crude oil price fell below US$70/barrel. Investors also await more corporate earnings from US tonight to determine the health of the economy.
