1. StarHub +0.040
2. SingTel +0.020
3. SIA Engg +0.010
4. HKLand US$ +0.010
The top 5 loser component stocks were :-
1. Jardine C&C -0.590
2. JSH 500US$ -0.480
3. UOB -0.470
4. DBS -0.210
5. CityDev -0.170
US markets closed mixed last Friday. Over the weekend Spain election resulting in new leadership and US super committee plan for debt reduction failed. Asian bourses with concern of EU debt crisis and the US debt issue, closed down for the day, Nikkei closed -0.32%, SSE -0.06% and HSI -1.44%. STI fell below 2,700 level and closed -1.19% as later afternoon EU bourses and US future sink into red caused investors to sell off, stay cautious. Only 4 out of 30 index stocks managed to register positive closing. While concern of US debt issue talk fail, the actual mechanism is that there will be an auto reduction plan kicks in should the 12-members super committee could not come out with something by the deadline of 23rd Nov 2011.
Investors are worried about a similar situation in August when lawmakers could not agree on increasing the debt ceiling and delayed till the 11th hour before agreement was made all thanks to political issue. Ob the other hand, in EU there appears to be some talk about a possible roll out of Euro bonds to stem the crisis and ECB might be continue buying Italian bond. However, the resistance from Germany regarding the Euro bond and bigger role for ECB is what investors worry about EU debt crisis could spread given that since last month the EU summit, nothing much have been done to tackle or contain the EU debt crisis.
