FTSE STI closed 1,784.01 down 22.95 points or 1.27% with a total volume of 1.12b and a total value of S$961M. Total number of advance vs decline was 177 vs 250. Of the 30 component stocks, 9 closed positive, 20 closed negative and 1 remained unchanged. The top 5 gainer component stocks were :-
1. SIA +0.120
2. SPH +0.080
3. ST Engg +0.070
4. Wilmar +0.060
5. Olam +0.050
The top 5 loser component stocks were :-
1. Jardine C&C -0.600
2. DBS -0.360
3. UOB -0.320
4. Capitaland -0.240
5. JSH 500US$ -0.200
With US markets fell the night before concerning about corporate earnings, GM required bailout, etc Asia bourses opened down in the morning. However, most able to parse some losses and managed to close off their low except for STI which closed on its intra-day low. SingTel announced its 2Q09 earnings this morning and its net profit was down by 12% with market poll of 13%. With crude oil price dropped below US$60/barrel, offshore and marine counters also under heavy selling pressure. STI closed below 1,800 since Oct 08 and with several times failing to break the 1,900 resistance, the downside is more in flavour now with an immediate support at the 1,700 level. Investors will be closely monitor the GM issue, US corporate earnings and important economic data for direction.
