FTSE STI closed 2,885.64, up 52.24 points or +1.84% with a total volume of 1.53b and a total value of S$1.64b. Total number of advance vs decline was 415 vs 111. Of the 30 component index stocks, 29 closed positive and 1 closed negative. The top 5 gainer component stocks were :-
1. Jardine C&C +0.500
2. DBS +0.400
3. JSH 500US$ +0.300
4. SGX +0.270
5. CityDev +0.260
5. HKLand US$ +0.260
The only loser component stock was :-
1. SPH -0.020
US markets closed slightly positive last Friday and with China Government announced over the weekend about not pegging the yuan against the USD and adopt a flexible exchange rate policy, Asian markets rallied in the view that such policy is good for global economy recovery. Nikkei closed +2.43%, SSE +2.90% and HSI +3.08%. STI in line with other Asian bourses closed +1.84% with investors snapping up the blue chips. Gainer mostly involved with those companies that have assets in China as that will be appreciated with the appreciation of the yuan. For this week, investors will be looking at the US Fed meeting on the interest rate which will be announced on 23rd Jun and most expect the low interest rate to maintain. The appreciation of the yuan might be a good news but have to be cautious as if the euro get weaker, the yuan might have to depreciate and that might not be good news against the green back.
