FTSE STI closed 3,294.05, down 2.32 points or -0.07% with a total volume of 2.67b and a total value of S$1.41b. Total number of advance vs decline was 247 vs 142. Of the 30 component index stocks, 12 closed positive, 5 unchanged and 13 in the red. The top 5 gainer component stocks were :-
1. Jardine C&C +0.490
2. CityDev +0.270
3. JSH 500US$ +0.250
4. UOB +0.160
5. SIA +0.080
The top 5 loser component stocks were :-
1. HKLand US$ -0.130
2. SembCorp -0.080
3. KepCorp -0.060
4. SingTel -0.050
5. StarHub -0.020
5. OCBC -0.020
5. CapitaMall -0.020
US markets again closed in the red falling at least 0.5% dragging down by poor corporate earning and a weekly jobless claim showing slight increase in it. Asian bourses however were on different tune with most closed positive. Nikkei +0.73%, SSE +2.14% and HSI +2.33%. STI lagging behind regional bourses by closing flat. Daily volume and value were thin and 12 of the 30 index stocks registered positive closing.
With earning season ongoing, market pretty much was focus on corporate earning with a poor set of data dragging market down and a positive set of data will see market on a rebound. The mixed set of corporate earning providing such an range bound market. G20 meeting will be over the weekend and the focus will be on Japanese Yen, the sharp weakening since BOJ announced aggressive monetary easing has caused other countries to concern on possible currency war, one of the potential bubble that when burst could lead to global recession if not managed properly.
STI was also being dragged down by weak corporate earning ( or is it analysts too optimistic that caused the earning to miss expectation ?) while defensive and yield stocks were providing the upbeat sentiment. Few weeks ago mentioned market should be bottom this month and so far that remains to be true. STI is about there in bottoming. Another word of advice, earning season is undergoing, market will tend to be on its own mind rather than tracking regional bourses. Buy or sell, better think properly first.
