FTSE STI closed 1,639.18 down 51.05 points or 3.02% with a total volume of 750M and a total value of S$770M. Total number of advance vs decline was 149 vs 253. Of the 30 component stocks, 3 closed positive while 27 closed in the negative. The 3 gainer component stocks were :-
1. DBS +0.100
2. CoscoCorp +0.040
3. SIA Engg +0.010
The top 5 loser component stocks were :-
1. UOB -0.700
2. JMH 400US$ -0.600
3. Jardine C&C -0.470
4. SIA -0.260
5. SGX -0.170
5. JSH 500US$ -0.170
US markets fell at least 7% yesterday night after a weak ISM Mfg reading and word that US economy officially entered recession in Dec 07 triggered the massive selling down. Asia bourses reacted with a bearish sentiment with all opening gap down. Nikkei closed -6.35%, HSI -4.98% and SSE -0.26%. Despite Australia Central Bank cuts interest rate by another 1%, sentiment didn't improve. STI closed at day low of 1639.18 with Offshore/Marine continued the selling down on worries of contracts cancellation. SingTel and Banks, except DBS were also dragging down the index. DBS on the other hand buck the trend as its low stock price presented investors with bargain hunting to support the price. Investors will be keeping on eye tonight on the vehicle sales data and how the CEOs of the 3 automakers present to the US Congress on a possible bailout
