FTSE STI closed 3,038.73, up 9.12 points or +0.30% with a total volume of 1.74b and a total value of S$1.03b. Total number of advance vs decline was 124 vs 208. Of the 30 component index stocks, 15 closed positive, 6 unchanged and 9 closed negative. The top 5 gainer component stocks were :-
1. JMH 400US$ +1.360
2. JSH 500US$ +0.700
3. F&N +0.100
4. DBS +0.090
5. UOB +0.070
The top 5 loser component stocks were :-
1. Jardine C&C -0.540
2. KepCorp -0.160
3. CapitaMall -0.100
4. SembMar -0.020
5. ST Engg -0.020
US markets were shut down yesterday due to Hurricane Sandy and European markets were all red as concern of damage from the hurricane will do to US economy. Asian bourses were mixed for the day with Nikkei -0.98%, SSE +0.17% and HSI -0.38%. STI swing between positive and negative managed to close +0.30% with moderate volume and 15 of the 30 index stocks posted positive closing.
US markets will continue to shut down today due to the hurricane which estimated could cause US US$20b of damage to economy. Apart from that concern, market in general was lacking in direction. The positive European markets in the afternoon managed to help STI to close positive. Main activity for STI was none other than window dressing as funds selling off some of the stocks which have risen quite a lot for past months to book in gain and also resist from buying into high risk stocks ahead of the important events in US, China and Europe.
Market lacking of major catalyst to move up and the potential of moving down is higher. That should be seen as positive sign so that stock prices could adjust down to a more attractive level.
