FTSE STI closed 1,740.34, down 53.82 points or 3% with a total volume of 1.04b and a total value of S$944M. Total number of advance vs decline was 152 vs 279. Of the 30 component stocks, only 4 closed positive and the remaining 26 all closed in the negative. The 4 gainer component stocks were :-
1. CityDev +0.070
2. DBS +0.020
3. SembMar +0.010
4. Gen Int +0.005
The top 5 loser component stocks were :-
1. Jardine C&C -0.620
2. JMH 400US$ -0.520
3. UOB -0.380
4. SIA -0.320
5. KepCorp -0.260
US markets retreated yesterday night on concern of the automaker bailout deal could not pass the Senate stage. Asia bourses all open lower following that and as soon as the news that the deal was stalled, Asia bourses pulled back further with Nikkei closed down 5.56%, HSI down 5.48% and SSE down 3.81%. Further news of General Motor is preparing to file for Chapter 11 also clouds the market sentiment. Investors will be very closely monitoring the status of the automaker bailout deal over the weekend. There is also talk that US Bush administration might use the US$700b financial bailout package to aid the automakers.
