FTSE STI closed 3,272.66, down 24.71 points or -0.75% with a total volume of 3.53b and a total value of S$1.38b. Total number of advance vs decline was 122 vs 327. Of the 30 component index stocks, 4 closed positive, 4 unchanged and 22 closed negative. The 4 gainer component stocks were :-
1. HKLand US$ +0.040
2. Genting SP +0.010
3. SingTel +0.010
4. SembCorp +0.010
The top 5 loser component stocks were :-
1. JMH 400US$ -2.060
2. JSH 500US$ -0.350
3. CityDev -0.300
4. Jardine C&C -0.240
5. UOB -0.180
US markets average fell 1% yesterday night as Europe issue resurfaced, giving up almost all the gain from last Friday. Asian bourses taking the cue were on a sell mode this morning but closing mix. Nikkei -1.90%, SSE +0.20% and HSI -2.27%. STI managed to pare loss in the afternoon and close -0.75% in thin volume and value. Only 4 of the 30 index stocks managed to register positive closing.
Italy and Spain came back to focus again but it was not a something new issue, with global markets rallied for past months, a very good excuse to sell off taking profit. It is also time for market to pull back to consolidate to form a base before further upside.
STI mostly on selling mode with some bargain hunting and short-covering near the ending session and coupling with EU bourses opening positive, rebounding from yesterday sharp fall, managed to pare loss on closing. Short-term upside might be limited, have to see where market in general finding support to build the base. The mid to long trend still intact, biasing towards the upside.
