1. JSH 500US$ +0.770
2. Jardine C&C +0.330
3. JMH 400US$ +0.220
4. F&N +0.060
5. Olam +0.035
The top 5 loser component stocks were :-
1. CityDev -0.140
2. StarHub -0.100
3. KepCorp -0.070
4. DBS -0.070
5. Capitaland -0.070
US markets rose average at least +0.2% yesterday night carrying the positive momentum. Asian bourses after days of moving up, profit taking kicked in closing mixed with majority still positive. Nikkei closed +0.88%, SSE +0.13% and HSI +0.37%. STI failed to keep pace with regional markets and subjected to profit taking late into the session causing the index to close -0.13% with moderate volume. Only 11 of the 30 index stocks managed to register positive closing.
Positive momentum but lacking of fresh and new catalysts, markets in general are getting over-stretched in the short-term and subject to profit taking. Furthermore, earning season also almost coming to the end which fund managers will again adjust their portfolio putting pressure on further upside.
For past weeks S-Reit and defensive stocks were the top performers among STI stocks with majority of them hitting new 52-week high. Without any doubt, should profit taking kicked in, there will be the first to pull back. Investors especially short-term investors have to be very cautious now in order not to get caught.
The EU debt issue should be coming back soon after earning season is over as markets have nothing except that to focus on. Remember, shall not be overly pessimistic on EU debt issue and any actions taken by EU is another small positive step which doesn't warrant wild rally. Focus on QE3 from US ?? FORGET IT, IT IS WASTE OF TIME !!!
