FTSE STI closed 3,313.03, up 24.50 points or +0.75% with a total volume of 3.00b and a total value of S$1.53b. Total number of advance vs decline was 266 vs 168. Of the 30 component index stocks, 20 closed positive, 4 unchanged and 6 in the red. The top 5 gainer component stocks were :-
1. UOB +0.530
2. JMH 400US$ +0.410
3. DBS +0.230
4. CityDev +0.220
5. OCBC +0.150
The top 5 loser component stocks were :-
1. KepCorp -0.070
2. HKLand US$ -0.060
3. StarHub -0.030
4. SIA Engg -0.030
5. SingTel -0.020
US markets closed at least +0.5% yesterday night with S&P500 just 2 points away from 2007 high due to good set of economic data from Durable Goods order and home prices. Asian bourses took the cue and traded in the positive region for the day. Nikkei +0.18%, SSE +0.16% and HSI +0.69%. STI in line with regional bourses closed positive and above the 3,300 level. However, daily volume and value were thin. Of the 30 index stocks, 20 registered positive closing.
Encouraging US economic helped investors to brush away Cyprus worries to move up. Cyprus banks remained closed until tomorrow and the reopens of those banks should be closely watched as it will determined whether there will be a mad rush from investors to withdraw out the money. Longer term, Cyprus issue should be easily contained but short-term wise is a good excuse for market to sell down given the strong performance of global markets in 1Q2013.
STI though moved above 3,300 but only selective blue chips were driving the index up. This could be due to tomorrow being the last day of 1Q2013 and 1Q fund mangers window dressing. Come next Monday, HPH Trust will be replacing F&N as one of the 30 index component in STI. Penny activity has toned down today but watch out for the support level as at the moment accumulation still ongoing for penny. For the blue chips, anything can happen tomorrow given a possible 1Q window dressing.
