1. JSH 500US$ +0.380
2. Jardine C&C +0.800
3. SIA +0.060
4. SingTel +0.020
5. NOL +0.015
The top 5 loser component stocks were :-
1. HKLand US$ -0.330
2. OCBC -0.140
3. JMH 400US$ -0.140
4. DBS -0.120
5. UOB -0.110
US markets closed in the red with average -0.3% easing earlier gain (due to better than expected ADP data) after US Fed announced no immediate action of easing. Asian bourses were mixed for the day with Nikkei closed +0.13%, SSE -0.57% and HSI -0.66%. STI fell 0.49% in thin volume and total value of the day came in below S$1b level. Only 10 of the 30 index stocks managed to register positive closing.
The outcome of the US Fed meeting was very much expected. No immediate action but stress will be ready to act if required. US Fed Chief has been saying that for months and yet markets still hope for immediate action ? AS mentioned many times, US need the lawmakers to act in order to save the economy and not the US Fed to do it. Tonight is another eventful day with ECB in focus. Some action should be announced but do not expect that measures will solve EU debt crisis overnight. Every little measures being proposed is a small positive step towards resolving the crisis.
Singapore OCBC this morning being the first local bank to release its earning. Earning came in better than expectation but slower growth and lower margins caused some concern and causing all the 3 banking stocks to fall pulling down STI.
To sum up, do not expect too much from ECB but there will be action towards resolving the crisis. Should the markets sold down due to not meeting expectation of actions then it will be a buying opportunity.
