FTSE STI closed 1,662.10 up 48.15 points or 2.98% with a total volume of 1.17b and a total value of S$971M. Total number of advance vs decline was 254 vs 170. Of the 30 component stocks, 22 closed positive, 5 closed negative and 3 remained unchanged. The top 5 gainer component stocks were :-
1. Jardine C&C +0.670
2. SIA +0.480
3. DBS +0.440
4. UOB +0.300
5. CityDev +0.280
The top 5 loser component stocks were :-
1. JSH 500US$ -0.100
2. HKLand US$ -0.040
3. SIA Engg -0.040
4. StarHub -0.030
5. Gen Int -0.015
US markets fell at least 5% yesterday after US Congress voted a no-go for the bailout for the 3 automakers. Asia bourses reacted with a gap down on open. STI even dipped below the 1,600 level and hit an intra-day low of 1,570.23. However, Nikkei led the rebound with an after lunch recovery to close +2.7% and coupling with HSI also reverse the day, STI soon followed with bank stocks leading the recovery. Only SSE closed on the negative. STI broke a 4-day drop cycle. Whether the intra-day rebound can sustain will have to see tonight how US markets perform.
Singapore announced its revised estimate of 3Q GDP this morning. It was reported down 6.8% as compared with the first estimation of 6.5% and on a year basis revised to 0.5%. Singapore might enter a full blown recession next year whereby GDP reporting negative figure. Singapore Government also announced coming out a S$2.3b stimulus package.
