FTSE STI closed 1,801.91, up 130.71 points or 7.82% with a total volume of 1.82b and a total value of S$1.60b. Total number of advance vs decline was 406 vs 151. Of the 30 component stocks, only 1 closed in the negative and the rest all closed positive. The top 5 gainer component stocks were :-
1. JMH 400US$ +3.420
2. JSH 500US$ +2.060
3. Jardine C&C +1.000
4. DBS +0.900
5. UOB +0.840
The only loser component stock was SPH, down 0.020.
US Federal Reserve as expected cut interest by 0.50% to 1.0% and on top of that US Federal Reserve also proposed a curreny swap scheme into to boost the global ailing economy. Even though US markets closed rather mixed on the news, Asia markets in general celebrated the announcement with a strong rally. Nikkei closed 9.9%, HSI closed 12.8% all in reaction to the news. With the new measure, the fundamental of the ailing economy still can't be totally resolved overnight and will take time to heal. Tonight US will be announcing its 3Q08 GDP revision number, most expect the figure to be in the negative range already and investors might want to take profit from the 2 days ago 10% surged hence US markets might be volatile again.
