FTSE STI closed 3,287.60, down 21.29 points or -0.64% with a total volume of 5.72b and a total value of S$1.53b. Total number of advance vs decline was 98 vs 382. Of the 30 component index stocks, 3 closed positive, 5 unchanged and 22 closed negative. The top 3 gainer component stocks were :-
1. SIA +0.050
2. GLP +0.010
3. SembMar +0.010
The top 5 loser component stocks were :-
1. JMH 400US$ -0.400
2. SGX -0.160
3. JSH 500US$ -0.140
4. Capitaland -0.110
5. HKLand US$ -0.080
US markets average fell at least 1% yesterday in reaction to the Fed minutes. Asian bourses also taking the hit with all closing in the red. Nikkei -1.39%, SSE -2.97% andd HSI -1.72%. STI though in the red but performed better with a less than 1% drop. Volume was moderate and value was thin. Only 3 of the 30 index stocks posted positive on close.
The Fed minutes revealed that several of the Fed members inclined to easing QE3 this year and the fear of no more stimulus strike the market. In fact this is not the first time this year market reacted negatively to possible of withdrawing or easing the pace of QE3. Should there a sudden action to withdraw or ease of QE3, market would crash but should there be several talks about that and by the time the real action comes, market probably will be muted to that. Withdrawing or easing of QE3 if the economy is stronger then it should be a positive move.
STI apart from the blue chips undergoing selling pressure, most of the activities still around the penny stocks. Market still in range bound mode.
