FTSE STI closed 2,033.61, down 143.94 points or 6.61% with a total volume of 1.445b and a total value of S$1.538b. Total number of advance vs decline was 98 vs 500. Of the 30 component stocks, only 1 closed positive, 1 remained unchanged and the rest of the 28 all closed in negative. The gainer index stock was :-
1. ST Engg +0.040
The top 5 loser component stocks were :-
1. JMH 400US$ -2.720
2. Jardine C&C -2.260
3. SIA -1.000
4. KepCorp -0.870
5. CityDev -0.780
5. DBS -0.780
STI in line with other Asia bourses reacted with a gap down on open due to US markets falling average 5% the night before. Even though US Fed chairman Ben Bernanke signalled a possible rate cut in the comming US FOMC meeting at end of the month, US investors took it as a bearish view of the economy is dying. Nikkei dropped almost 10% for the day weigh on the sentiment even though HongKong cut it base rate by 1%, news of UK Government coming in to bailout the banks and a possible rate cut for China. STI at one point make a recovery but it failed and closed sharply lower. STI is near the target of 1800 - 1900 posed by most analysts. All eyes will be on US whether it can make a recovery and DJI reclaimed the 10,000 psychological level.
