Market Summary -- 16th May 11

FTSE STI closed 3,136.48, down 27.20 points or -0.86% with a total volume of 990M and a total value of S$1.08b.  Total number of advance vs decline was 122 vs 358.  Of the 30 component index stocks, 2 closed positive, 26 closed negative and 2 remained unchanged.  The 2 gainer component stocks were :-

1. Wilmar  +0.050

2. SingTel  +0.010

The top 5 loser component stocks were :-

1. Jardine C&C  -0.440

2. DBS  -0.280

3. CityDev  -0.260

4. UOB   -0.260

5. KepCorp  -0.240

US markets fell on average 1% last Friday when concern from Euro zone debts worried investors to sell off.  Asian bourses took the cue also traded in negative region for the day.  Nikkei closed -0.94%, SSE -0.77% and HSI -1.36%.  STI gap down hit intra-day low of 3,126, just above the 3,120 level in a thin volume day.  Investors will tomorrow being a holiday, selling off and maintain cautious with the Euro zone debts still in focus.  In the afternoon, a surprise drop in April non-oil export data also hurt the sentiment.  Only 2 of the 30 component stocks managed to register positive closing.  STI with immediate support at 3,120 and next 3,040.  Resistance at 3,200.