FTSE STI closed 3,210.20, up 7.40 points or +0.23% with a total volume of 1.51b and a total value of S$1.49b. Total number of advance vs decline was 284 vs 178. Of the 30 component index stocks, 17 closed positive, 10 closed negative and 3 remained unchanged. The top 5 gainer component stocks were :-
1. CityDev +0.380
2. JMH 400US$ +0.220
3. Jardine C&C +0.140
4. OCBC +0.070
5. KepCorp +0.060
5. F&N +0.060
The top 5 loser component stocks were :-
1. SPH -0.200
2. SIA -0.080
3. SGX -0.040
4. Olam -0.040
5. UOB -0.040
US markets edged up yesterday night as finance sector led the buying offset broad market decline. Asian bourses took the cue and mostly traded in positive region. Nikkei closed +0.52% after report that Japan GDP expanded more than expected, SSE -1.32% with concern of possible rate hike over the weekend and CPI data next Monday. HSI +0.34%. STI rose to an intra-day high of 3,218 before pulling back due to profit taking and closed 3,210.20 maintaining above the 3,200 level. 17 component stocks managed to post positive closing. Despite the positive closing, STI is now trading near the upper boundary of the uptrend channel. Without catalysts for further movement up, short-term wise, upside might be limited with 3,220 as the level to watch out for. A breakout from 3,220 with high volume would negate possible head-shoulder formation and also breakout from the uptrend channel.
