FTSE STI closed 2,723.87, up 22.67 points or +0.84% with a total volume of 1.08b and a total value of S$1.22b. Total number of advance vs decline was 260 vs 188. Of the 30 component index stocks, 23 closed positive, 3 closed negative and 4 remained unchanged. The top 5 gainer component stocks were :-
1. JSH 500US$ +0.460
2. JMH 400US$ +0.280
3. KepCorp +0.180
4. UOB +0.160
5. Wilmar +0.150
The 3 loser component stocks were :-
1. GoldenAgr -0.015
2. ComfortDelGro -0.010
3. NobleGrp -0.010
US markets reversed earlier gap down last Friday and managed to close at least +1% and this has given Asia bourses a lift off the bearish sentiment temporary. Asia bourses still closed mixed with majority managed to close in the positive. Nikkei -0.27%, SSE +3.48% and HSI +0.62%. STI stayed above the 2,700 level but was range bound with resistance at 2,750. With the help of SSE closing +3.48%, some bargain hunting came into the market and helped 23 out of 30 STI component stocks to close positive. However, investors still stay very cautious as the total volume was just slightly over 1b. Investors will be looking at this week US economic data and further development of the European debt issue.
At present close, STI might be heading for a short-term rebound due to oversold with resistance at 2,820 level.
