1. JMH 400US$ +2.220
2. JSH 500US$ +0.900
3. Jardine C&C +0.360
4. CityDev +0.280
5. UOB +0.160
The only loser component stock was :-
1. Olam -0.030
US markets advanced yesterday night with corporate earnings and Fed's minute indicating low interest rate environment to be continued. Investors were cheered by that and on average market up at least 0.5%. Asian bourses were mixed with Nikkei closed -0.43% after its 1Q GDP shrank more than expected, SSE -0.46% and HSI +0.66%. STI moved up +1.00% as investors snapped up blue chips. In the morning, MTI reported 1Q GDP to be +8.3% vs expected of +8.5% but raise FY11 GDP forecast from 4%-6% to 5%-7%. This has given investors a boost and STI was up led by bank, offshore/marine and property stocks. STI was capped at 3,180 for the day and if sentiment continues, the next resistance will be at 3,200 while the support is at 3,120 and 3,040. As earning season coming to a close, investors will be focusing on the macro-events before the next earning season starts in July. In addition, funds should be adjusting their portfolio based on the 1Q earning. Another factor is QE2 expiring in June and without the excessive cash, funds should be reposition their portfolio. Hence, market should be trading in range bound condition until further catalysts allows it to higher.
