FTSE STI closed 1,690.23, down 42.34 points or 2.44% with a total volume of 945M and a total value of S$745b. Total number of advance vs decline was 152 vs 239. Of the 30 component stocks, only 4 closed positive, 25 closed negative and 1 remained unchanged. The 4 gainer component stocks were :-
1. SIA +0.140
2. HKLand US$ +0.050
3. SIA Engg +0.050
4. CoscoCorp +0.010
The top 5 loser component stocks were :-
1. Jardine C&C -0.570
2. UOB -0.480
3. CityDev -0.400
4. DBS -0.320
5. KepCorp -0.270
US markets rallied up on a black Friday which caused Asia bourses to open mostly up in the morning except for Nikkei. However, cautious sentiment soon kicked in causing investors to take profit and most index closed off their high with STI closed below 1,700. The Offshore and Marine sector still under heavy selling pressure with possible cancellation of contracts looming. Bank stocks also gave up their early morning gain and ended all in the red. Investors chose to remain cautious as this week US has critical economic data like unemployment situation, ISM Mfg data, vehicle sales and the presentation of the CEOs from the 3 automakers to the US Congress in convincing them of the bailout money.
