FTSE STI closed 3,069.95, up 24.05 points or +0.79% with a total volume of 2.27b and a total value of S$2.22b. Total number of advance vs decline was 220 vs 154. Of the 30 component index stocks, 2 closed negative, 5 unchanged and 23 closed positive. The top 5 gainer component stocks were :-
1. JMH 400US$ +1.020
2. JSH 500US$ +0.550
3. DBS +0.200
4. SIA +0.080
5. GLP +0.060
5. StarHub +0.060
The 2 loser component stocks were :-
1. SGX -0.010
2. GoldenAgr -0.005
US markets closed positive with optimism of the US fiscal cliff, firmer 3Q GDP and jobless claim data. Asian bourses taking the cue and with month end window dressing in mind all closed positive for the day. Nikkei +0.48%, SSE +0.85% and HSI +0.49%. STI rose 0.79% in heavy volume and value due to window dressing. 23 of the 30 index stocks registered positive closing.
In general investors are optimistic about the fiscal cliff issue but Republican House Representative commented no progress on the fiscal cliff after the talk with Treasury Secretary together with 3 other Congress leaders might move the market down tonight for US markets. The fiscal cliff issue cannot be considered done until everything are in black and white and sign off by the President. Meanwhile, markets will just be volatile with every development happening on the fiscal cliff.
The upswing on STI today was none other than month end window dressing. Investors should not take it as a cue and started to get overly bullish.
