FTSE STI closed 1,692.55 down 57.12 points or 3.26% with a total volume of 1b and a total value of 862M. Total number of advance vs decline was 119 vs 330. Of the 30 component stocks, 29 closed neepgative and 1 remained unchanged. The top 5 loser component stocks were :-
1. Jardine C&C -0.800
2. CityDev -0.500
3. SIA -0.280
4. JSH 500US$ -0.240
5. KepCorp -0.220
US markets closed at least 2% down the night before when news of Citigroup is cutting down workforce globally by 52,000 and coupling with Japan already in technical recession created a bearish sentiment for the markets. Asia bourses reacted with the drop by opening down and even SSE closed 6.3% down in fear of global recession. HSI also closed weak which put the pressure on STI in late afternoon and causing STI to close below 1,700 level. All eyes will be on US tonight when the Congress debates for the bailout of the 3 automobile companies. Any in good news could see US markets time for a rebound but if the bailout plan still no solution, the heavy selling pressure will come in again.
