FTSE STI closed 2,901.18, down 43.04 points or -1.46% with a total volume of 1.83b and a total value of S$1.55b. Total number of advance vs decline was 88 vs 448. Of the 30 component index stocks, 3 closed positive, 25 closed negative and 2 remained unchanged. The 3 gainer component stocks were :-
1. JSH 500US$ +0.340
2. JMH 400US$ +0.100
3. SIA Engg +0.040
The top 5 loser component stocks were :-
1. UOB -0.420
2. CityDev -0.260
3. DBS -0.240
4. Jardine C&C -0.220
5. KepCorp -0.200
US markets advanced at least 1% after better than expected ISM data and consumer spending. However, Asia bourses were under selling pressure again despite the rebound from US markets. Nikkei closed for holiday, SSE closed -1.24% in reaction to China banks raise reserve ratio and HSI -0.23%. STI were under heavy selling pressure in particular the blue chips. As the selling was across the sector for the blue chips, a possibility is that funds were cashing out probably money flowing back to Europe for the solving of the Greece's debt issue. Only 3 of the component stocks ended in the positive and STI was down 1.46% sitting around the 2,900 level. Now the support for STI is at the 2,880 level. Looking ahead, the 3 local banks will be announcing their result this week and Friday is US unemployment rate. At current level of STI, it has only dropped 4.6% from its recent peak of 3,040 and if the selling pressure still heavy, a possible of 10% downside which will bring STI to around the 2,730 region.
