FTSE STI closed 3,308.92, up 14.87 points or +0.45% with a total volume of 2.21b and a total value of S$1.14b. Total number of advance vs decline was 213 vs 204. Of the 30 component index stocks, 13 closed positive, 5 unchanged and 12 in the red. The top 5 gainer component stocks were :-
1. JMH 400US$ +2.790
2. KepCorp +0.130
3. SPH +0.070
4. Olam +0.045
5. CapitaMall +0.040
The top 5 loser component stocks were :-
1. SIA -0.190
2. SGX -0.170
3. UOB -0.100
4. JSH 500US$ -0.070
5. OCBC -0.060
US markets closed positive last Friday, DJ flat while S&P500 and Nasdaq both at least +0.8% due to corporate earning. Asian boures were mostly positive for the day with Nikkei +1.89%, SSE -0.11% and HSI +0.14%. STI in line with regional bourses closed +0.45% moving back above the 3,300 level in another thin volume and value day. 13 of the 30 index stocks posted gain.
Couple of events happened over the weekend. Boston bombing suspected was captured (the other dead), China Sichuan Province earthquake and G20 meeting highlighted the need for rich countries to put in extra effort to generate growth and not putting too much focus on austerity. Japanese Yen further weaken today moving towards the Dollar:Yen = 100 level. That boosted Nikkei for another up day. Apart from China probably due to the concern on the H7N9 bird flu and Sichuan earthquake, rest of the bourses were on a positive footing.
STI was up but on a very cautious note with again defensive and high-yield stocks leading the way up. Commodity and Offshore/Marine stocks stabilized a bit as gold and oil price have temporary halt on further falling. Again the mixed corporate earning providing mixed sentiment for investors in STI.
This week would be heavy on corporate earning in US and also economic data. This could be the week to define market bottoming. As for STI, the daily thin volume has prompted most to anticipate probably a drop in STI this week but that could be different. STI is STI and only 30 stocks can affect STI value. Broad market is broad market, a drop in STI does not necessary equate to a drop in the broader market. Take those view from analysts or chartists with a pinch of salts. Focus on the individual stock instead. Do not rule out market will bottom out this month.
