1. F&N +0.030
2. GLP +0.020
3. NOL +0.005
The top 5 loser component stocks were :-
1. Jardine C&C -2.390
2. JSH 500US$ -0.480
3. CityDev -0.240
4. UOB -0.160
5. KepCorp -0.140
5. OCBC -0.140
US markets fell at least 1.5% after a last hour selling off when Fitch said US banks face contagion risk from European debt and banking stocks led the selling down. Asian bourses were down on open but closed mixed. Nikkei closed +0.19%, SSE -0.16% and HSI -0.76%. STI failed to match the performance of regional bourses closed -1.04% in moderate volume while total value of transaction came in less than S$1 billion worth. Sentiment was hit by a worse than expected October non-oil export of -16.2% on year vs -8.1% expected. This has raised question of 4Q GDP contraction. Only 3 of the 30 index stocks managed to close positive.
The Fitch citing of US banks facing contagion risk, the timing is very questionable without any doubt. The European debt issue was not news and last month when Euro was on the brink of collapse, US banks were facing the risk and even US Fed Chief also aware of the downside risk to US financial system with regard to the EU debt. Question should be asked why last month Fitch did not stated such a claims and have to wait till now. The statement definitely rocked some confidence in investors but Fitch's call is definitely without any doubt questionable in timing.
