1. JMH 400US$ +0.360
2. JSH 500US$ +0.280
3. DBS +0.260
4. UOB +0.220
5. HKLand US$ +0.200
The top 5 loser component stocks were :-
1. Jardine C&C -0.420
2. SIA -0.150
3. SingTel -0.040
4. CityDev -0.020
5. Capitaland -0.010
5. SembMar -0.010
5. StarHub -0.010
5. Wilmar -0.010
US markets advanced at least 1.3% yesterday despite some weaker than expected economic data in jobless claims and CPI as EU debt issues getting slowly improving with policies rolling in. Latest was several central banks namely ECB, BOE and BOJ offer series of 3-month dollar loans to ease liquidity crunch facing European banks. Asian bourses cheered by the news, trading in positive region for the day with Nikkei closed +2.25%, SSE +0.13% and HSI +1.43%. STI in line with regional bourses was up at least 1% in earlier part of the day capping at 2,810 but in the later part of the day with investors taking profit after 2 days of advance and a relatively flat European bourses opening, staying cautious closed +0.83%. Global markets have rebounded for past 2 days with the EU debt issue easing but do need a pause before any meaningful resume of moving up. While the focus now is on EU debt, US development on Obama's proposed jobs plan do have news reporting that will face road block passing in the Congress as both the Republicans and Obama own Democrats were less than impress with the plan as a whole entity. Investors might start to shift the focus back to US after EU debt issue get taming off. Next week will be the much anticipated US Fed FOMC meeting from 20-21 Sept where all eyes will be on whether Fed will roll out another stimulus program then. A no of QE3 or any stimulus package that will not impress investors might see the markets pulling back. Do keep this option as a possibility.
STI in general still in range bound mode between 2,650 to 2,920. Breaking 2,650 will create a new downtrend whereas breaking 2,920 will enter the consolidation phase for further upside. In between, STI does have several levels of support and resistance. Support @ 2,720, 2,680, 2,650 and resistance @ 2,810, 2,850, 2,880, 2,900, 2,920
