FTSE STI closed 2,310.55, up 43.91 points or +1.94% with a total volume of 915M and a total value of S$925M. Total number of advance vs decline was 338 vs 120. Of the 30 component index stocks, 28 closed positive and 2 closed negative. The top 5 gainer component stocks were :-
1. Jardine C&C +0.720
2. UOB +0.360
3. DBS +0.320
4. KepCorp +0.230
5. CityDev +0.220
The 2 loser component stocks were :-
1. JMH 400US$ -0.140
2. SMRT -0.020
US markets rallied at least 2% yesterday night after Wall Street analyst Meredith Whitney encouraged buying in the financial sector. Asia bourses reacted to the rally with positive opening with all posting almost 2% gain on close. Nikkei closed +2.34%, SSE +2.1% and HSI +3.66%. STI regained the 2,300 level with a +1.94% gain in a thin volume trading day with total volume less than 1billion. MTI 2Q09 GDP flash estimate came in +20.4% exceeding expectation and expect a 4% - 6% contraction for 2009 instead of earlier projection of 6% - 9% contraction. The positive news flow caused investors to snap up the battled down blue chips from bank, property, commodity and offshore/marine sector. SPH reported a 5% net profit drop for the drop and that came in within expectation of analysts also lifted the sentiment of investors who worried about Singapore corporate earnings. All eyes will be on tonight Goldman Sachs earnings ( after market close ) as analysts believe it can record a good profit and exceed expectation.
