1. SIA +0.310
2. ST Engg +0.060
3. StarHub +0.050
4. SingTel +0.040
5. OCBC +0.040
The top 5 loser component stocks were :-
1. JMH 400US$ -2.170
2. JSH 500US$ -1.300
3. Jardine C&C -1.210
4. HKLand US$ -0.250
5. KepCorp -0.100
5. SembMar -0.100
5. UOB -0.100
US markets fell at least 3% despite some better than expected economic data from jobless claims as recession fear hit investors. Investors have no confidence with US Fed latest round of stimulus package was the main concern. Asian bourses started the day in the red but managed to parse loss on close. Nikkei was closed for holiday, SSE -0.41% and HSI -1.36%. STI fell to within distance of testing 2,650 but managed to rebound from that level and closed -0.80% as European bourses opening positive coupled with positive DJ future indicating possible technical rebound due to oversold might be on the way. Bargain hunters and short covering near the later part of the day helped lifted the index from low. Technically speaking, there is no confirmation economic data to show US is in recession and the fear might be overdone at the moment. G20 Finance Ministers will be meeting over the weekend to discuss on the current global financial crisis and investors should be looking at any actions being proposed from that meeting. In the afternoon, Singapore reported CPI for last month to be +5.7% beating expectation of +5.1%.
STI if broken down at 2,650 will create a new down trend, other than that, market just range bound between 2,650 to 2,920. Do also watch out for next Friday for a possible quarter window dressing by fund managers.
