FTSE STI closed 3,044.73, down 6.20 points or -0.20% with a total volume of 1.11b and a total value of S$1.03b. Total number of advance vs decline was 139 vs 226. Of the 30 component index stocks, 7 closed positive, 2 unchanged and 21 closed negative. The top 5 gainer component stocks were :-
1. JSH 500US$ +0.380
2. JMH 400US$ +0.200
3. HKLand US$ +0.170
4. SIA +0.080
5. StarHub +0.070
The top 5 loser component stocks were :-
1. Jardine C&C -1.480
2. UOB -0.120
3. CityDev -0.120
4. KepCorp -0.090
5. OCBC -0.080
US markets fell average at least 1% yesterday due to weak corporate earnings. Asian bourses however were mixed for the day with Nikkei -0.67%, SSE +0.07% and HSI +0.31%. STI failed to maintain the positive in the morning and closed -0.20% in thin volume day. Only 7 of the 30 index stocks managed to post positive closing.
It was again weak corporate earning that sent investors selling. Asian bourses like HSI and SSE however showing resilient past days with possible of China economy showing sign of rebound. Most of STI selling was due to stocks going XD and investors selling off to book profit after past months of surging up. There was cautious bargain hunting but was not enough to overcome the selling. STI sank to negative in the afternoon after Euro-area services and manufacturing data shrink more than forecast.
It was pretty much a scenario whereby investors wanting to bargain hunt when market drop but fear of could drop some more when looking at the weak Europe and US markets.
