FTSE STI closed 3,143.32, up 39.15 points or +1.26% with a total volume of 2.32b and a total value of S$1.37b. Total number of advance vs decline was 253 vs 161. Of the 30 component index stocks, 25 closed positive, 1 unchanged and 4 in the red. The top 5 gainer component stocks were :-
1. JMH 400US$ +2.290
2. Jardine C&C +1.040
3. JSH 500US$ +1.010
4. UOB +0.440
5. CityDev +0.160
The 4 loser component stocks were :-
1. HKLand US$ -0.160
2. SIA Engg -0.020
3. Olam -0.010
4. THBEV -0.005
US markets closed positive yesterday due to a rise in consumer confidence data in March. Asian bourses were all positive for the day with Nikkei +0.56%, SSE +0.44% and HSI +0.19%. STI rose more than 1% in moderate volume and value with 25 of the 30 index stocks registered gain.
Apart from positive economic data from US, global investors also hoping for Chinese Government to dish out stimulus next month when they meet so that China could achieve the 7.5% growth for 2014. Global markets at the moment are playing on the "hope" game.
STI after profit taking from yesterday rose more than 1% as bargain hunters coming in coupling with fund managers adjusting portfolio for 1Q window dressing. However, majority of those micro-penny stocks were down as traders taking profit from them and shifting their focus to the blue chips and more fundamental stocks. With the interest just starting to rotate to those blue chips and more fundamental stocks, there could be more upside for them especially next month when earning season starts. The timing to switch to blue chips and more fundamental stocks is just right now and as for the micro-penny and speculative, advise to take profit.
