FTSE STI closed 3,267.65 up 19.25 points or +0.59% with a total volume of 3.67b and a total value of S$1.25b. Total number of advance vs decline was 245 vs 145. Of the 30 component index stocks, 17 closed positive, 5 unchanged and 8 in the red. The top 5 gainer component stocks were :-
1. JMH 400US$ +0.500
2. CityDev +0.290
3. DBS +0.130
4. UOB +0.120
5. SingTel +0.120
The top 5 loser component stocks were :-
1. Jardine C&C -0.510
2. SIA -0.110
3. JSH 500US$ -0.090
4. HKLand US$ -0.060
5. SembCorp -0.030
5. Capitaland -0.030
US markets advanced yesterday with at least 0.40% gain after US FOMC meeting. Asian bourses were mostly positive for the day with Nikkei +1.34%, SSE +0.30% and HSI -0.14%. STI rose 0.59% in thin volume and value. 17 of the 30 index stocks posted positive closing.
Cyprus Government is doing a Plan B after the no vote in the Parliament over bank deposit tax and their banks remain closed until next Tuesday. US Fed after the FOMC meeting maintained its stance on QE for this year and that lifted the sentiment of US markets with S&P moving up trying to challenge its 2007 high. This morning China HSBC flash PMI for March rose to 51.7 better than expected and that piece of news gave some boost to regional bourses too. Going forward, Cyprus issue will have to see what will happen next Tuesday when banks reopen, whether will there be a mad rush of withdrawal and what's the next step from EU and Cyprus in working towards a bailout. During these periods, investors might feel nervous though the ultimate fear of what happened to Greece last year might not be resurfaced.
For STI, pretty much the same as past days, majority of the investors are sideline as seen by the thin volume. Penny stocks getting selective play up as punters punt for quick profit. Most stocks are in range bound, consolidating, awaiting for firmer signal to move.
