FTSE STI closed 3,248.26, up 8.31 points or +0.26% with a total volume of 3.53b and a total value of S$1.37b. Total number of advance vs decline was 357 vs 102. Of the 30 component index stocks, 9 closed negative, 3 unchanged and 18 closed positive. The top 5 gainer component stocks were :-
1. Jardine C&C +0.980
2. UOB +0.290
3. CityDev +0.260
4. DBS +0.190
5. SIA +0.060
The top 5 loser component stocks were :-
1. JSH 500US$ -0.900
2. JMH 400US$ -0.890
3. HKLand US$ -0.090
4. StarHub -0.030
5. SGX -0.020
US markets closed positive last night with DJ just inches away from breaking new high. Asian bourses all rebounded from yesterday sold down with Nikkei +0.27%, SSE +2.33% and HSI +0.10%. STI rose 0.26% in thin volume and value and 18 of the 30 index stocks registered positive closing.
Investors practically ignored the effect of squestration, the impact is not immediate but should it be prolonged without solution then US economy will get a dent unemployment rate will rise. China commenced its 10 days NPC meeting today with outgoing Premier Wen Jiabao setting a GDP and inflation target for 2013 as +7.5% and +3.5% respectively. At the end of the 10th day, the official handing over of the leadership role (Xi Jinping replacing Hu Jintao as President and Li Keqiang replacing Wen Jiabao as Premier) will complete.
Market rebounded today but the rebound was weak and one of the reason for rebound was Fed vice-chairman's comment yesterday regarding stimulus. Global economy cannot keep on relying on stimulus to help it growth and markets rally because of that is in general lacking of fundamental, can't sustain in the long run.
The rebound is for those who missed exit last week to get out. For those intending to accumulate, wait for selling down days.
