1. JSH 500US$ +0.150
2. UOB +0.070
3. JMH 400US$ +0.050
4. SingTel +0.030
5. GLP +0.010
5. SGX +0.010
5. StarHub +0.010
The top 5 loser component stocks were :-
1. KepCorp -0.140
2. SIA -0.110
3. Jardine C&C -0.110
4. SembCorp -0.090
5. F&N -0.090
US markets closed positive of at least +0.50% after Fed Chief's note on more room for stimulus. Asian bourses were however mixed for the day with Nikkei +0.16%, SSE -1.74% and HSI -0.41%. STI fell 0.20% in rather thin volume with only 8 of the 30 index stocks posted positive closing.
Over the weekend, couple of events took place. Apple won patent suit against Samsung, EU leaders saying wanting Greece to stay in Euro but Greece should maintain austerity to cut debt and China premier Wen Jiabao acknowledged China need to boost export growth "urgently". The Chinese new didn't go down well for SSE causing it to sink 1.74% and thereby dragging down HSI and STI. Investors still eying on the US QE3 and as mentioned, it is just another "feeling good" sentiment only, the underlying of it whether can do any good to US economy is if according to past 2 QE, ineffective ! Hence advise investors not to focus too much on QE3. EU issue should be in the spotlight comes next month when ECB meeting and German court ruling on bailout funds probably dominate the headline. China on the other hand is definitely in need of a stimulus to boost its export growth as mentioned by the Wen Jiabao. However, China's stimulus is good for China only and investors better not have the insight of "China will save the world" with the stimulus. The world has entered into a scenario whereby each and every individual country has to look after themselves first.
For Singapore, F&N proposed capital distribution ( cancelling of 1 share for every 3 shares at price $8.50 ) from the profit of APB sale. Good news for loyal and long term F&N investors but a bigger picture remains that is after disposing of APB, what business will F&N be solely relying on next ? Property ? If just a pure property company then investors especially long term investors might have to rethink the valuation of F&N as that will be a fundamental change. Another M&A took spotlight today that was Sakari Resources being offered $1.90/share for taking over. Few might have noticed, some of the fundamental sound stocks are hitting new 52-week high today. Selectively, STI is on a window dressing mode for end of the month. Note only selective stocks and those hitting new 52-week high probably are those.
