FTSE STI closed 3,252.00, down 41.39 points or -1.26% with a total volume of 2.44b and a total value of S$2.61b. Total number of advance vs decline was 96 vs 487. Of the 30 component index stocks, 3 closed positive, 25 closed negative and 2 remained unchanged. The 3 gainer component stocks were :-
1. HKLand US$ +0.240
2. JSH 500US$ +0.120
3. Wilmar +0.050
The top 5 loser component stocks were :-
1. CityDev -0.460
2. KepCorp -0.380
3. OCBC -0.260
4. Jardine C&C -0.240
5. SembMar -0.170
US markets fell at least 0.5% yesterday night led by tech stocks after a below expectation earning from Cisco that triggered the selling off. USD also strengthen which caused another selling off from commodity stocks. Asian bourses were initially range bound but after SSE started to tumble with reasoning that China Government going to curb foreigners from easily buying properties and also possible another round of interest rate hike over the weekend caused the massive sell down. SSE dropped 5.16%, Nikkei closed -1.39% and HSI -1.93%. STI with the bearish sentiment from China, dropped 1.26% with all the blue chips faced with massive selling pressure in particular Genting as its announced a below forecast result yesterday night. Genting closed -6.58%. With the G20 meeting going nowhere and concern of further tightening measures from Asian countries, investors were selling off taking profit as a pre cautious. European markets opened down at least 1% and coupled with big drop in DJ future also added the selling pressure. Though STI has dropped 1.26%, it is still within the uptrend channel. The lower boundary of the channel is around 3,200 - 3,220 region, without breaking that, STI still maintain the uptrend. A rebound could be triggered around that region as fundamentally, Singapore economy still strong. However, a breakdown at 3,200 will invalidate the uptrend and commence on a downtrend with support at 3,120 and 3,040.
