FTSE STI closed 3,276.53, up 3.87 points or +0.12% with a total volume of 4.63b and a total value of S$1.44b. Total number of advance vs decline was 296 vs 157. Of the 30 component index stocks, 10 closed negative and 20 closed positive. The top 5 gainer component stocks were :-
1. JSH 500US$ +0.920
2. JMH 400US$ +0.360
3. Jardine C&C +0.220
4. CityDev +0.100
5. KepCorp +0.100
The top 5 loser component stocks were :-
1. DBS -0.240
2. SIA Engg -0.190
3. Wilmar -0.110
4. HKLand US$ -0.070
5. OCBC -0.050
US markets rebounded average 1% yesterday night after the panic selling down the day before due to political risk in Spain and Italy. Asian bourses also rebounded from yesterday selling off managed to edge out some gain due to profit taking. Nikkei +3.77%, SSE +0.06% and HSI +0.47%. STI rose 0.12% with a slightly heavy volume and value than previous day. 20 of the 30 index stocks posted gain.
Rebound from the knee-jerk reaction to Spain and Italy political risk was today theme and Nikkei went on a more than 3% rally as current BOJ chief is to be stepping down and investors are anticipating the next BOJ chief will act in tandem with the PM in reviving Japan economy.
STI was pretty much divided for the day with tracking of regional bourses performance and at the same time investors taking profit ahead of the CNY. DBS this morning reported its annual coming in mix as quarterly earning miss expectation result in DBS fell 1.58%. All eyes will be on the other 2 local banks earning.
In general, short-term upside for STI is limited due to the coming CNY break but the mid to long term trend still in intact in biasing towards upside.
