Market Summary -- 2nd Mar 11

FTSE STI closed 3,027.51, down 40.09 points or -1.31% with a total volume of 1.30b and a total value of S$1.41b.  Total number of advance vs decline was 124 vs 373.  Of the 30 component index stocks, 3 closed positive, 24 closed negative and 3 remained unchanged.  The 3 gainer component stocks were :-

1. JMH 400US$  +0.100

2. Jardine C&C  +0.060

3. JSH 500US$  +0.020

The top 5 loser component stocks were :-

1. SIA  -0.380

2. DBS  -0.260

3. KepCorp  -0.180

4. CityDev  -0.160

5. SGX  -0.120

US markets fell at least 1.3% yesterday night after middle east unrest started to worry investors again.  In addition US Fed Chief's comment on rising oil price impact on US economy citing that prolong high oil price will have impact in US economy added some more worries to the investors.  Crude oil price again hitting the US$100/barrel.  Asian bourses took the cue and traded in the red for the day with Nikkei closed -2.43%, SSE -0.18% and HSI -1.49%.  STI broke through the support at 3,040 closing down 1.31% at 3,027.51 as investors selling off, locking in profit after yesterday rebound.  Only 3 of the component stocks managed to register a positive closing.  STI failed to find support at the 3,040 reversed back to the range of 2,920 - 3,040.  At the moment, middle east situation which resulting in rising oil price is dictating the direction of the market.