FTSE STI closed 2,880.48, up 59.37 points or +2.10% with a total volume of 1.76b and a total value of S$1.91b. Total number of advance vs decline was 474 vs 82. Of the 30 component index stocks, 29 closed positive and 1 closed negative. The top 5 gainer component stocks were :-
1. Jardine C&C +0.800
2. UOB +0.700
3. KepCorp +0.520
4. SIA +0.480
5. OCBC +0.300
5. JMH 400US$ +0.300
The only loser component stock was :-
1. CapitaMall -0.010
US markets closed down at least 1% with continuation of fear of European debt issue get spread despite some upbeat data on the unemployment reading. However, over the weekend, EU members held meeting for plan to defend the Euro and protect the debt issue. The news brought relief to the global stock markets with Asia bourses trading in the positive region for the day. Nikkei closed +1.60%, SSE +0.39% and HSI +2.54%. STI managed to help at the 2,820 support level and closed at the resistance level at 2,880. With DJ future at more than +300 and European markets all trading at least +3%, some bullish sentiment coupled with short-covering forced most of the blue chips to close in the positive with Bank, Offshore/Marine and Property stocks leading the rebound. Market rebound but still not out of the wood. STI need to move above 2,880 and allow 2,880 to be the support in order to negate the bearish trend. Potential downside of 2,700 still possible if the downtrend is not negated.
