FTSE STI closed 3,308.10, down 4.93 points or -0.15% with a total volume of 2.62b and a total value of S$1.41b. Total number of advance vs decline was 165 vs 266. Of the 30 component index stocks, 9 closed positive, 3 unchanged and 18 in the red. The top 5 gainer component stocks were :-
1. JMH 400US$ +0.920
2. CityDev +0.100
3. OCBC +0.080
4. StarHub +0.070
5. ST Engg +0.060
The top 5 loser component stocks were :-
1. Jardine C&C -0.470
2. JSH 500US$ -0.320
3. UOB -0.200
4. HKLand US$ -0.090
5. Wilmar -0.060
US markets closed flat yesterday night recovery from earlier loss as investors focused on the stronger US economic data with respect to the mess from Cyprus. Asian bourses however were mostly in the red for the day with Nikkei -1.26%, SSE -2.82% and HSI -0.74%. STI managed to recover earlier loss closing flat in the last trading day of 1Q2013 due to European bourses opened positive, German retail sales data better than expected offsetting the nerve of Cyprus banks will be reopened today. China with report of possible property curbing measures coming out over the weekend spread the selling to regional bourses. Cyprus Government has implemented measures to prevent bank run when their banks reopen today, that might not resolve all those fears but at least put a stopper to the downside for the time being. It will take some times for investors to get settle down with the Cyprus crisis.
STI activity was pretty muted for the day as daily volume and value were thin. Investors were not willing to take any position over the long weekend (STI will be closed for tomorrow for Good Friday holiday). Blue chips enjoyed some 1Q window dressing while penny stocks were kept pretty quiet for the day.
Next month will be interesting as investors will be torn between corporate earnings and macro economic events. Market should be able to find a bottom within the next 2 weeks.
