FTSE STI closed 2,166.10, down 72.11 points or 3.22% with a total volume of 4.04b and a total value of S$2.41b. Total number of advance vs decline was 225 vs 396. Of the 30 component index stocks, 5 closed positive, 24 closed negative and 1 remained unchanged. The 5 gainer component stocks were :-
1. JMH 400US$ +1.320
2. Jardine C&C +0.180
3. Wilmar +0.130
4. SIA Engg +0.040
5. StarHub +0.020
The top 5 loser component stocks were :-
1. UOB -0.740
2. DBS -0.660
3. CityDev -0.440
4. OCBC -0.410
5. SIA -0.340
US markets rallied last Friday due to a within expectation of unemployment rate of 8.9% and the outcome of the bank stress test did not bring bad news. Asia bourses in reaction to that opened positive but soon subject to profit taking and mostly closed in the red. Nikkei +0.20%, HSI -1.74% and SSE -1.75%. STI led by bank and property counters closed -3.22%. Investors took profit after the recent run up and maintain cautious as market ran up too much and too fast. Some of the price level already in the overvaluation stage in which the current earnings could not justify it.
