FTSE STI closed 1,600.28 down 145.39 points or 8.33% with a total volume of 1.36b and a total value of S$1.32b. Total number of advance vs decline was 116 vs 486. Of the 30 component stocks, all closed in the negative. The top 5 loser component stocks were :-
1. UOB -1.720
2. SIA -1.220
3. Jardine C&C -1.100
4. DBS -0.940
5. OCBC -0.610
Though US martkets did not closed on a sharp drop, asia bourses were under heavy selling pressure in the morning reacting to the news of Sony Corp in Japan issued profit earning drop. Nikkei broke the 8,000 level support and closed 9.6% down, HSI closed 8.3% down and KOSPI broke the 1,000 level also. In the afternoon session, more heavy selling pressure emerged when DJI future dropped to more than 500 points. Banking stocks were under heavy selling as probably funds selling for redemption and also due to yen carry trade ( USD/JPY dropped to 92 level ). All eyes will be on US tonight how it will react to the across the board sharp drop in asia and europe markets.
