1. JSH 500US$ +0.290
2. JMH 400US$ +0.100
3. SIA +0.050
4. ComfortDelGro +0.010
The top 5 loser component stocks were :-
1. Jardine C&C -0.890
2. UOB -0.310
3. F&N -0.270
4. OCBC -0.250
5. Olam -0.215
US markets closed in the red yesterday night with Greece issue offsetting better than expected manufacturing data and Germany 1Q GDP better than expected ( prevent Euro zone from entering recession ). The Greek President in an effort to form a coalition government has failed and hence require Greece to go for another election in mid June. That triggers fear that if the election outcome then is forming a government with anti-bailout, Greece will exit Euro and default. Asian bourses taking the cue were all in the red with Nikkei -1.12%, SSE -1.21% and HSI -3.19%. STI in line drop 1.58% with thin volume and only 4 of the index stocks managed to register positive closing.
The selling down was all about Greece and nothing else. However, there was a slight positive development in EU as the newly elected French President met with German leader to discuss about the austerity vs growth issue. STI is getting closer to 2,750 to 2,780 region where it should find some support there. The thin volume also pretty much indicating most are sideline hence the downside could be well contained around the 2,750-2,780 region.
Defensive stocks continued to face selling pressure in which very likely funds are cashing out on those. However, do monitor for those selling to be drying up.
