FTSE STI closed 3,278.57, up 17.03 points or +0.52% with a total volume of 1.76b and a total value of S$934M. Total number of advance vs decline was 232 vs 169. Of the 30 component index stocks, 23 closed positive, 5 unchanged and 2 in the red. The top 5 gainer component stocks were :-
1. JMH 400USD +1.010
2. JSH 500USD +0.540
3. DBS +0.100
4. CityDev +0.080
5. UOB +0.080
The 2 loser component stocks were :-
1. Capitaland -0.010
2. GoldenAgri -0.005
US markets closed positive with gain of at least 0.3% after GDP data. Asian bourses taking the cue were higher for the day with Nikkei +0.27%, SSE +0.65% and HSI +1.45%. STI up 0.52% in thin volume and value day with 23 of the 30 index stocks posted gain.
US 1Q final GDP came in -2.9% worst than expected of -1.7% with reason due to the bad weather. However, US markets reacted differently with indices moving higher as investors were confident of US Fed will continue its lose monetary policy given the weak data and also believed US economy will rebound in the next quarter. For Asia, given the lack of news and events, regional markets were tracking US overnight performance but volume were relatively thin and the Iraq concern still weigh on.
STI was higher mainly due to the blue chips while broader markets still remain range bound. The lack of volume will no doubt cap any potential upside for the time being. It will also remain to be seen next Monday end of 1H window dressing how it will be play out. Do focus on next month earning season and not on a day to day price swing.
