FTSE STI closed 3,208.33, down 16.63 points or -0.52% with a total volume of 3.16b and a total value of S$1.12b. Total number of advance vs decline was 180 vs 197. Of the 30 component index stocks, 4 closed positive, 4 unchanged and 22 in the red. The 4 gainer component stocks were :-
1. UOB +0.160
2. CityDev +0.030
3. OCBC +0.030
4. SIA Engg +0.030
The top 5 loser component stocks were :-
1. Jardine C&C -0.700
2. JMH 400US$ -0.660
3. JSH 500US$ -0.570
4. SingTel -0.060
5. CapMallsAsia -0.055
US markets finally closed down after consecutive days of gain. Asian bourses were mixed for the day with Nikkei +0.11%, SSE -1.01% and HSI +0.28%. STI though fell 0.52% with a high total volume was high but relatively thin value. Only 4 of the 30 index stocks managed to register positive closing.
Investors were mostly cautious ahead of tonight US Fed Chairman's testimony in front of congress resulting in US markets finally ending days of winning steak despite some better than expected corporate earnings. Investors in Asia also maintained cautiousness as the same old theme of tapering resurfaced. It is time investors should and must look beyond the so-called tapering and focus on fundamental. Focusing on tapering is none other than short sighted view.
Singapore reported its June non-oil export this morning coming in a drop of 8.8% as compared with same period last year, falling more than expected. However, a little plus sign was it rose 3.2% from the previous month. That news coupling with the nervousness and cautiousness ahead of US Fed Chairman's testimony tonight offset some sentiment from resilient corporate earnings causing STI to be in the red. There is every chance that whatever US Fed Chairman will be saying tonight (the true fact) that could cause another round of nonsensical panic selling and short-sellers pounce on the weakness the push the prices down, that should be great news for bargain hunters to catch those fundamental strong stocks. Do watch out for tomorrow, might be interesting.
