FTSE STI closed 2,102.71, up 69.10 or 3.4% with a total volume of 1.33b and a total value of S$1.38b. Total number of advance vs decline was 250 vs 278. Of the 30 component stocks, 24 closed positive and 6 closed negative. The top 5 gainer component stocks were :-
1. KepCorp +0.800
2. JMH 400US$ +0.740
3. UOB +0.560
4. SIA +0.520
5. CityDev +0.500
The top 5 loser component stocks were :-
1. Coscop -0.100
2. F&N -0.060
3. ST Engg -0.040
4. SPH -0.040
5. CapitaMall -0.030
Even though yesterday US Federal Reserve led a coordinated effort to cut interest rate ( BOE, ECB, China, HongKong, etc ), US markets' rally was short-lived as US markets closed down. People are concerned about the economy growth in general and will the cut of interest rate be able to help to prevent a recession. Asian bourses have mixed reaction to the emergency rate cut as both Nikkei and Shanghai ended in the negative while HongKong and Singapore closed in the positive. Commodity, Offshore/Marine and Bank stocks led the rebound while defensive stocks were subject to heavy selling pressure. Tomorrow Singapore MAS will release its estimation of 3Q GDP before market open. Investors will be very much concern will Singapore be in a technical recession scenario. Investors also looking at US markets tonight whether it can eventually closed in the green after 6 sessions of drop.
