1. JMH 400US$ +1.750
2. Jardine C&C +1.660
3. JSH 500US$ +1.120
4. DBS +0.320
5. HKLand US$ +0.160
The top 5 loser component stocks were :-
1. F&N -0.040
2. CapitaMall -0.030
3. ST Engg -0.020
4. SIA Engg -0.020
5. OCBC -0.020
US markets closed mixed yesterday night with DJ and S&P500 in the positive while Nasdaq in the red as optimism of EU debt crisis getting resolve in the coming Summit cushion the sentiment despite S&P warned of downgrading 15 EU nations. Asian bourses rebounded from yesterday selling off with Nikkei closed +1.71%, SSE +0.29% and HSI +1.58%. STI in line with regional bourses closed +1.21% with 20 of the index stocks registered positive closing in a thin value session as total value came in less than S$1 billion.
While no negative should be expected from the Summit, investors should also not be over expected from the Summit. What to be expected has more or less in the past days appeared in the news, namely leverage of EFSF to around 900 billion euro with probability of IMF aids and fiscal union treaty changes as proposed by Germany and France to put strict rules to Euro nations to adhere to deficit target. Those are not a quick fix solution but definitely another positive step in the right direction to get the crisis resolve.
For investors who believe in year end window dressing, should take opportunity to slowly collect on dip. Couple of those fundamentally sound stocks were being pressed down in the past sessions while the higher beta type were pushed up. As a pre-cautious, investors should avoid chasing those higher beta stocks that were pushed up during past days but focus on those sold down fundamental stocks and collect on weakness.
