Market Summary -- 23rd Feb 12

FTSE STI closed 2,968.34, down 27.25 points or -0.91% with a total volume of 2.39b and a total value of S$2.02b.  Total number of advance vs decline was 136 vs 444.  Of the 30 component index stocks, 6 closed positive, 19 closed negative and 5 remained unchanged.  The top 5 gainer component stocks were :-

1. F&N  +0.080

2. GLP  +0.050

3. SembCorp  +0.040

4. OCBC  +0.030

5. ST Engg  +0.020

The top 5 loser component stocks were :-

1. JMH 400US$  -2.090

2. JSH 500US$  -0.910

3. Jardine C&C  -0.660

4. SIA  -0.180

5. Capitaland  -0.100

US markets closed in the red yesterday night as concern of economy weighed on investors after the Greece saga.  Asian bourses however were mixed for the day.  Nikkei closed +0.44%, SSE +0.25% and HSI -0.78%.  STI was on the wrong side of regional bourses closing -0.91% with only 6 of the 30 index stocks managed to register positive closing,

Profit taking, time to pull back for consolidation probably the best way to describe the market now.  Though many are predicting where the support for STI is, the best is not to predict and just focus on the stocks themselves.  Majority of the companies earning are out and investors should focus on the fundamental of the company rather than trying to guess where the support for STI is.