FTSE STI closed 3,303.20, up 10.05 points or +0.31% with a total volume of 4.04b and a total value of S$1.33b. Total number of advance vs decline was 237 vs 175. Of the 30 component index stocks, 16 closed positive, 3 unchanged and 11 in the red. The top 5 gainer component stocks were :-
1. JSH 500US$ +0.410
2. DBS +0.220
3. SPH +0.170
4. SingTel +0.060
5. Capitaland +0.050
5. SGX +0.050
The top 5 loser component stocks were :-
1. JMH 400US$ -1.600
2. Jardine C&C -0.620
3. CityDev -0.060
4. ST Engg -0.030
5. SIA -0.030
5. KepCorp -0.030
US markets again move up with DJ breaking highest record for past 4 days in a row and S&P500 also just points away from breaking its 2007 high. Asian bourses were however mostly in the red for the day with Nikkei -0.28%, SSE -1.04% and HSI -0.87%. STI outperformed regional bourses with a positive performance closing +0.31% in thin volume and value. 16 of the 30 index stocks registered positive closing.
Yesterday macro news were not that positive with China showing weakness in latest economic data and the political situation in Italy back in focus. However, as mentioned before, US markets are in a territory in which it is moving up to break record for the sake of breaking it only. Asian bourses were also emulating what US markets were doing but the latest China economic data put a brake to it temporary and will not be surprised days later they will be doing the same; moving up for the sake of making the index breaking records.
Not much news locally to dictate the direction of STI and with STI so easily "manipulated" by a few of the index stocks, STI can easily emulate US markets by moving up to break the 5-years high. Penny stocks activities definitely toned down as seen from the daily volume. Yesterday was one panic and fear throwing of penny stocks and probably another one of such would be happening before the penny stocks found the bottom and for those with good fundamental, that will be a big bargain opportunity. Watch out for stock bottoming (not index bottoming) from end of March till end of April. A short squeeze is possible within the next few days.
