1. JMH 400US$ +0.140
2. SingTel +0.040
3. StarHub +0.010
4. SIA Engg +0.010
The top 5 loser component stocks were :-
1. UOB -0.400
2. DBS -0.350
3. KepCorp -0.220
4. SIA -0.210
5. OCBC -0.200
US markets were up at least 0.5% last Friday but Asian bourses were mostly in the red for the day as over the weekend, EU finance ministers failed to produce any action to resolve the EU debt issue and President Obama proposed a "buffett tax" to increase tax on millionaires which should meet with resistance with the Republicans. Nikkei was closed for holiday, SSE -1.79% and HSI -2.76%. STI in line with regional bourses fell 1.14% in a very thin volume trading day with only 4 of the 30 index stocks managed to register a positive closing. Investors staying sideline given the lack of immediate action from EU and also ahead of the US Fed meeting on 20th - 21st Sep. While most anticipating some sort of stimulus to roll out then but there is also a possibility that none will be given. With US economic data not really showing the worse case of recession, the timing of rolling out stimulus now will be questionable given that past 2 stimulus program failed to create jobs to bring down the high unemployment rate. A passing of the Obama's jobs plan should be more appropriate as a "stimulus" at the moment as compared with what US Fed should be doing.
