Market Summary -- 22nd Feb 11

FTSE STI closed 3,019.12, down 51.48 points or -1.68% with a total volume of 2.06b and a total value of S$1.67b.  Total number of advance vs decline was 70 vs 573.  Of the 30 component index stocks, 2 closed positive and 28 closed negative.  The 2 gainer component stocks were :-

1. JMH 400US$  +0.060

2. ST Engg  +0.010

The top 5 loser component stocks were :-

1. Jardine C&C  -0.920

2. SIA  -0.340

3. JSH 500US$  -0.320

4. HKLand US$  -0.300

5. CityDev  -0.280

US markets were closed yesterday night and European markets fell at least 1% in fear of the middle east unrest.  Asian markets also reacted to the middle east issues by dropping at least 1%.  Nikkei closed -1.78%, SSE -2.62% and HSI -2.11%.  STI couldn't hold on to the 3,050 level and sink 1.68% to 3,019.12 in a heavy volume day.  Panic selling and tracking regional bourses resulting in only 2 of the component stocks closed positive.  Investors are expecting US markets to drop at least 1% in reaction to the middle east issue also.  STI currently tipped to be supported at 3,000 level.  Should that fail to hold, next level of support will be at 2,920/2,930.