Market Summary -- 19th Jul 11

FTSE STI closed 3,096.12, up 17.17 points or +0.56% with a total volume of 1.52b and a total value of S$1.28b.  Total number of advance vs decline was 304 vs 225.  Of the 30 component index stocks, 22 closed positive, 5 closed negative and 3 remained unchanged.  The top 5 gainer component stocks were :-

1. JMH 400US$  +1.150

2. JSH 500US$  +0.620

3. SIA  +0.190

4. OCBC  +0.100

5. DBS  +0.090

The 5 loser component stocks were :-

1. Jardine C&C  -0.520

2. HKLand US$  -0.100

3. CityDev  -0.050

4. SGX  -0.030

5. SIA Engg  -0.020

US markets fell at least 0.7% yesterday night with concern on the US debt ceiling and European debt issue despite good corporate earnings.  After market closed, IBM reported another set of beating market expectation earnings.  Asian bourses were mostly in the red for the day with Nikkei closed -0.85%, SSE -0.70% and HSI +0.45%.  STI managed to reverse earlier loss and closed +0.56% with 22 of the index stocks registered positive closing with the banking stocks leading the buying up.  A very positive opening from European markets with rebound on the Euro triggered some bargain hunting and short covering.  STI managed to hit pass 3,080 and with 3,120 as resistance now.  Support appears to be firm at 3,050 level.