1. JSH 500US$ +0.060
The top 5 loser component stocks were :-
1. UOB -0.490
2. Jardine C&C -0.410
3. JMH 400US$ -0.400
4. KepCorp -0.400
5. DBS -0.310
US markets fell almost 2% yesterday night after comment from Germany that the coming Oct 23 EU summit will not have a quick fix to the EU debt issue. As mentioned many times previously in my analysis, THERE WILL NOT BE A ONE-FIX-ALL solution and that is nothing to be surprised of from the comment. However, market perhaps too optimistic a week ago reacted by selling down. Asian bourses taking the cue traded in the red for the days. Nikkei closed -1.55%, SSE -2.33% after announcing its 3Q GDP came in +9.1% below expectation of +9.3% and that weighed on investors concern about China "hard landing". HSI -4.23%. STI accelerated the selling after China GDP and negative opening of European bourses. STI closed -1.95% with 27 of the 30 index stocks registered negative closing.
Market sold down after that Germany's comment probably is good for it as it has been rallied for past 1 week without any meaningful pull back. Though, no quick fix solution this coming EU summit but should have some measures to slowly improve on the EU debt issue. Market should focus on that and not hoping for some quick fix dream solution.
The pull back could be a buying opportunity.
