FTSE STI closed 3,288.76, up 0.63 points or +0.02% with a total volume of 5.97b and a total value of S$1.52b. Total number of advance vs decline was 245 vs 197. Of the 30 component index stocks, 14 closed positive, 5 unchanged and 11 closed negative. The top 5 gainer component stocks were :-
1. JSH 500US$ +0.410
2. JMH 400US$ +0.250
3. CityDev +0.120
4. SGX +0.070
5. DBS +0.050
5. GLP +0.050
The top 5 loser component stocks were :-
1. Jardine C&C -0.260
2. Wilmar -0.090
3. StarHub -0.050
4. ST Engg -0.050
5. SingTel -0.040
US markets closed at least +0.80% last Friday ahead of some important events this week. Asian bourses were positive for the day with Nikkei +2.43%, SSE +0.50% and HSI +0.17%. STI closed flat at +0.02% in moderate volume and thin value. 14 of the 30 index stocks registered positive closing.
Italy on-going election in which result should be out today, US across the board spending cut deadline comes 1st March 2013, US Fed testimonial to Congress and China economic data are the events which investors will be monitoring this week. Japan in the process of naming BOJ chief helped Nikkei to rally more than 2% in anticipating the new chief will work closely with Japanese PM in stimulus to boost the economy.
STI was divided between tracking regional bourses and Budget Day announced. This afternoon, it also announced January CPI coming in +3.6% vs +3.9% expected. As Singapore FM still delivering the budget at this moment, some key points so far were :-
1. FY2012 achieved as bigger than expected surplus, coming in S$3.9b
2. Raise Foreign-Worker levies for all sectors
3. Raise property tax rates on high-end homes
4. Tax hike for investment properties
5. Give special corporate income tax rebate for 2013-2015.
6. New property tax structure from Jan 1, 2014
7. Give personal income tax rebate for year of assessment 2013
8. Overall budget balance for FY2013 seen at S$2.4b.
It will take times to digest on how this FY13 budget has impact on Singapore economy as a whole.
In general market still awaiting for firmer catalysts to move.
