FTSE STI closed 3,316.43, up 3.65 points or +0.11% with a total volume of 1.76b and a total value of S$1.08b. Total number of advance vs decline was 246 vs 176. Of the 30 component index stocks, 12 closed positive, 5 unchanged and 13 in the red. The top 5 gainer component stocks were :-
1. OCBC +0.110
2. Capitaland +0.070
3. SIA +0.040
4. HongkongLand USD +0.030
5. StarHub +0.020
The top 5 loser component stocks were :-
1. JMH 400USD -0.330
2. Jardine C&C -0.170
3. JSH 500USD -0.160
4. UOB -0.070
5. SembCorp -0.060
US markets rose with gain of average 1% yesterday. Asian bourses taking the cue were positive for the day with Nikkei +0.83%, SSE +0.26% and HSI +0.67%. STI rose 0.11% in slightly higher volume and value than past days with 12 of the 30 index stocks registered positive closing.
The easing of Ukraine geopolitical tension caused global markets to continue the rebound from recent sell off. For Asian markets, though there was a dip into the red in the middle of trading but most still managed to close positive as short-covering and bargain hunting kept the indices in positive. With some important events (China HSBC flash PMI, US Fed FOMC minutes and Jackson Hole meeting) only happened later in the week, investors were taking the advantage of absence of any negative events or news to move the markets higher.
STI edged up but with little conviction. While the blue chips moved higher could be due to short-covering, the broader market has the momentum biased towards the upside. This could be due to short-term punters taking the opportunity to hunt for short-term gain. Do watch up for the resistance level despite the momentum might be towards the upside.
