FTSE STI closed 1613.95 down 51.64 points or 3.1% with a total volume of 950M and a total value of S$915M. Total number of advance vs decline was 140 vs 324. Of the 30 component stocks only 2 closed in positive, 24 closed in negative and 4 remained unchanged. The 2 gainer component stocks were :-
1. Olam +0.935
2. Gen Int +0.005
The top 5 loser component stocks were :-
1. UOB -0.600
2. SIA -0.400
3. Jardine C&C -0.390
4. DBS -0.340
5. SGX -0.240
US markets overnight experienced a last hour sell down and closed at least 5% down in reaction to FOMC minutes that US would be in recession for year 2009 and also the outcome of the bailout of the automakers. Tonight US Congress will vote on the outcome of whether to bailout the 3 automakers who are in need of capital for survive. Asia bourses reacted with a gap down and all ended the day closing down. STI did an intra-day low of 1,594.93 breaking the 1,600 support but managed to close above the 1,600 level probably due to bargain hunting and short covering. Overall, investors still cautious and awaiting for the outcome of the decision on the bailout of the automakers.
