FTSE STI closed 2,604.06, down 19.98 points or -0.76% with a total volume of 2.96b and a total value of S$2.39b. Total number of advance vs decline was 184 vs 420. Of the 30 component index stocks, 5 closed positive, 24 closed negative and 1 remained unchanged. The top 5 gainer component stocks were :-
1. JMH 400US$ +1.08
2. JSH 500US$ +0.200
3. SingTel +0.080
4. ST Engg +0.060
5. HKLand US$ +0.010
The top 5 loser component stocks were :-
1. UOB -0.500
2. DBS -0.360
3. SGX -0.260
4. SIA -0.200
5. SIA Engg -0.160
US markets were mixed yesterday following positive corporate earnings and weak consumer confidence data. Asia bourses reacted with a fairly flat opening but when SSE fell at least 5% when investors concerned about asset bubbles, regional bourses reacted to the drop with heavy selling on the blue chips. However, when European bourses opened firmly in the positive region, investors were quick enough to come in bargain hunt the blue chips so that the indices managed to parse off loss and closed above the intra-day low. Nikkei closed +0.26%, SSE -5% and HSI -2.37%. STI at one points dip to the previous resistance of 2,580 and rebound from there to close above the 2,600 level due to bargain hunting of the blue chips. Bank, property, commodity and offshore/marine stocks led the fall. Investors will be looking towards US markets tonight for more earnings, economic data and their reaction to SSE 5% drop.
