1. F&N +0.070
2. SingTel +0.030
The top 5 loser component stocks were :-
1. Jardine C&C -0.440
2. JMH 400US$ -0.390
3. UOB -0.380
4. KepCorp -0.300
5. DBS -0.280
US markets recovered earlier loss and closed positive last Friday and over the weekend G20 meeting concluded that ECB will have to enlarge their bailout funds for the EU debt issues. Action of that could be come next month or the G20 meeting in November. However, commodity was sent sharply sold down last Friday. Asian bourses were traded in negative region led by fall in commodity, offshore/marine and banking stocks. Nikkei closed -2.17%, SSE -1.64% and HSI -1.48%. STI in line with regional bourses were in negative region and drop to an intra-day low of 2,627.24 but managed to recover back to above 2,650, closing -1.65% as in the later afternoon positive trading in European bourses and DJ future attracted bargain hunting and short covering. Despite the positive closing from US and European markets, Asian bourses still under selling pressure could be due to strengthening of USD leading to USD carry trades unwinding. Another possibility is funds managers selling off commodities and offshore/marine stocks to book gain for their portfolio for the coming end of the quarter window dressing.
Singapore announced last month manufacturing data and as a surprise it beats market expectation of +13.8% to register a +21.7%. This has brought some easing view of a technical recession in Singapore economy.
