FTSE STI closed 3,124.45, down 8.81 points or -0.28% with a total volume of 2.30b and a total value of S$1.83b. Total number of advance vs decline was 149 vs 233. Of the 30 component index stocks, 13 closed positive, 3 unchanged and 14 in the red. The top 5 gainer component stocks were :-
1. Kep Corp +0.100
2. SGX +0.070
3. ST Engg +0.070
4. SIA Engg +0.060
5. ComfortDelGro +0.035
The top 5 loser component stocks were :-
1. Jardine C&C -1.280
2. JMH 400US$ -0.610
3. JSH 500US$ -0.200
4. DBS -0.150
5. HKLand US$ -0.110
US markets fell at least 2% yesterday night and Asian bourses were mixed and managed to rebound from earlier loss. Nikkei +1.66%, SSE -0.50% and HSI -0.59%. STI at one point drop to 3,080, a drop of more than 1% but managed to rebound and close relatively flat in moderate volume and value day. 13 of the 30 index stocks managed to post positive closing.
A rose in weekly jobless claims and investors still digesting US Fed stance on tapering caused US markets to further sell down yesterday. Asian bourses opened taking the cue of the more than 2% in US all opened lower but managed to rebound and close mixed. US Fed's stance did not change at all and perhaps it is time investors need the weekend to cool down and think rationally and logically over the US Fed's stance in its monetary policy. Over-reaction will result in nothing but cheap bargain given the fundamental has not changed to worse.
STI with in the morning short selling and panic selling caused the index to drop more than 1% but as it moved to the afternoon sessions, bargain hunting coming in and couple with day short-seller covering back position pushed the index back to relatively flat level. A rebound will materialize next week after investors taking the weekend to cool down and think rationally and logically. The end of the month 1H2013 window dressing should be the one in focus right now.
