FTSE STI closed 3,062.41, up 19.98 points or +0.66% with a total volume of 2.09b and a total value of S$1.17b. Total number of advance vs decline was 183 vs 214. Of the 30 component index stocks, 18 closed positive, 4 unchanged and 8 in the red. The top 5 gainer component stocks were :-
1. JSH 500US$ +0.920
2. JMH 400US$ +0.860
3. UOB +0.210
4. Kep Corp +0.100
5. DBS +0.080
5. SIA +0.080
The top 5 loser component stocks were :-
1. SGX -0.080
2. Jardine C&C -0.080
3. CityDev -0.050
4. Wilmar -0.040
5. GLP -0.010
US markets reversed earlier gain to end in the red again. Asian bourses attempting to do a rebound after past days of selling but could only ended mixed. Nikkei -0.17%, SSE +0.26% and HSI -0.07%. STI fared better than regional bourses with a rebound of +0.66% in thin volume and value day. 18 of the 30 index stocks registered positive closing.
The concern of will US Fed through its FOMC meeting today start another round of tapering caused fear in to investors while the fear of China credit crunch has eased after the China shadow bank has reached agreement to resolve a troubled investment product. While there are fears of US Fed might start another round of tapering but if the US Fed stands firm of what it is doing that is progressively taper, it will not happen this time round. They would want to after the January taper monitor the situation for stability then proceed to the next round.
STI managed to rebound from past days of selling but with thin volume and value. Any up was met with selling resistance though as short-term traders are taking the opportunity to either sell or cut loss. Short-term wise they might be correct but not in the longer term. The situation of US Fed tapering and China credit crunch issue are another of those over-reacting scenario as a whole. While some markets might have more to correct but not for STI.
