FTSE STI closed 1,948.33, down 154.38 points or 7.3%, below the psychological level of 2,000, lowest since Sept 2004. Total volume for the day was 1.589b and total value was S$1.475b. Total number of advance vs decline was 87 vs 534. Of the 30 component stocks, 29 closed in the negative and 1 remained unchanged. The top 5 loser component stocks were :-
1. Jardine C&C -2.110
2. DBS -1.340
3. JSH 500US$ -1.140
4. UOB -1.140
5. JMH 400US$ -0.980
The component stock closed remained unchanged was Capitaland.
Global markets reacted a gap down on opened in reaction to yesterday night US markets closed sharply lower with DJI breaking the 9,000 psychological level. Singapore MAS also released its flash estimate of 3Q08 GDP down 6.3% on quarter and revised its 2008 GDP to 3% vs 4%-5% earlier on. Based on the figure, Singapore is technically into a recession as 2Q fell 5.7% followed by 3Q fell 6.3%. There was also news that Yamato, the Japanese insurance company filed for bankrutcy. Bad news all over the places created the fear and panic selling in the markets. Most of Asian bourses closed at least 7% down. Investors will be looking to US markets tonight to see US markets can recover from a 7 straight sessions drop.
For STI, it is very close to what analysts' prediction of 1,800 point and some believe it might reach next week.
