FTSE STI closed 3,239.95, down 29.55 points or -0.90% with a total volume of 4.51b and a total value of S$1.61b. Total number of advance vs decline was 72 vs 440. Of the 30 component index stocks, 6 closed positive, 2 unchanged and 22 closed negative. The top 5 gainer component stocks were :-
1. JSH 500US$ +0.210
2. UOB +0.130
3. OCBC +0.040
4. CityDev +0.020
5. SembCorp +0.010
The top 5 loser component stocks were :-
1. JMH 400US$ -1.820
2. Jardine C&C -0.770
3. KepCorp -0.200
4. DBS -0.170
5. Capitaland -0.140
US markets closed positive last Friday but the events over the weekend were not positive. Asian bourses mostly closed in the red for the day. Nikkei +0.40%, SSE -3.65% and HSI -1.50%. STI fell 0.90% in moderate volume and thin value. Only 6 of the 30 index stocks managed to register positive closing.
US failed to act to prevent sequestration, China weak PMI data and property tightening measures spooked the markets. Nothing done to prevent sequestration and in another 2 months time facing debt ceiling, the picture for US is definitely cloudy. All these only sent investors pressing the sell button in the morning. It was across the board selling for STI as investors fled. Correction started last week and should last till June, expecting market volatile till June. However, not being overly pessimistic, correction is opportunity to buy. Slowly accumulate on weakness for those fundamental solid stocks.
A rebound will be coming this week and it is for those who failed to exit last week to do something.
Short-term trend is down but longer term the last leg of bull still yet to finish.
