FTSE STI closed 2,751.88, down 54.63 points or -1.95% with a total volume of 788M and a total value of S$1.02b. Total number of advance vs decline was 74 vs 407. Of the 30 component index stocks, 2 closed positive, 26 closed negative and 2 remained unchanged. The 2 gainer component stocks were :-
1. SMRT +0.030
2. HKLand US$ +0.020
The top 5 loser component stocks were :-
1. Jardine C&C -0.900
2. UOB -0.600
3. DBS -0.380
4. OCBC -0.280
5. JMH 400US$ -0.240
US markets fell at least 3% last Friday after a disappointed set of unemployment data whereby private sector added lesser than expected number of job and concern about Hungry's debt issue that further rocked the European debt issue. Asian bourses were also under selling pressure for the day with all markets closed in the red. Nikkei closed -3.84%, SSE -1.64% and HSI -2.03%. STI supporting at 2,700 level closed -1.95% with most of the blue chips being sold down in a very thin volume trading day with total volume of only 788M. With a reddish DJ future, European markets opened in the red and World Cup just days away, investors prefer to stay cautious remained sideline and not motivated to bargain hunt. Investors will be continued to monitor the development of European debt issue and also Fed's statement in middle of this week to get when the Fed will raise the interest rate.
STI though dropped 1.95% today but still able to close above the 200d EMA level at 2,740. In additional, RSI and Stochastic indicators appear to be on a divergence ( potentially reversal ) and market could be in consolidating or base building range between 2,700 - 2,820 for awhile.
