FTSE STI closed 3,288.53, up 21.05 points or +0.64% with a total volume of 3.65b and a total value of S$1.22b. Total number of advance vs decline was 205 vs 193. Of the 30 component index stocks, 17 closed positive, 4 unchanged and 9 in the red. The top 5 gainer component stocks were :-
1. Jardine C&C +0.550
2. HKLand US$ +0.440
3. UOB +0.250
4. JSH 500US$ +0.170
5. OCBC +0.110
The top 5 loser component stocks were :-
1. SIA -0.060
2. KepCorp -0.040
3. CityDev -0.040
4. SembMar -0.020
5. SembCorp -0.020
US markets fell at least 0.3% yesterday night giving up earlier gain due to concern on the Cyprus bailout term. Asian bourses were mostly in the red for the day with Nikkei -0.60%, SSE -1.25% and HSI +0.27%. STI was one of the regional bourses managed to avoid a drop day. Total volume and value were thin for the day. 17 of the 30 index stocks managed to post positive closing.
The Cyprus bailout like mentioned yesterday was with a victim, its second largest bank has to shut down meaning investors on the banks will have to suffer losses. Investors feared that could be a template for rest of the Euro zone nations who in seek of bailout next. That was the excuse to sell down the market. Excuse justify ? Fundamentally, the excuse is lame but with that as an excuse to sell down no doubt give opportunity to bargain cheap.
Singapore reported its February Industrial Output this afternoon and it came in worse than expected. A drop of 16.6% on year vs expected of -10%. That data was pretty much muted as based on recent Singapore economic data, it can't be of any rosy. Market was again focus on penny stocks and Offshore/Marine especially those laggard stocks, which was mentioned on the Market Summary dated 20th March 2013. With market lacking of more firmer catalysts until next month when earning season starts, theme or sector rotation will be the way market moves from now till mid April. For those missing out on the current sector play, take some time to hunt for the next sector going to play up.
