FTSE STI closed 3,327.67, up 9.27 points or +0.28% with a total volume of 1.64b and a total value of S$1.17b. Total number of advance vs decline was 251 vs 189. Of the 30 component index stocks, 11 closed positive, 5 unchanged and 14 in the red. The top 5 gainer component stocks were :-
1. Jardine C&C +0.290
2. DBS +0.200
3. OCBC +0.100
4. Kep Corp +0.090
5. ComfortDelGro +0.070
The top 5 loser component stocks were :-
1. JMH 400USD -0.510
2. JSH 500USD -0.180
3. UOB -0.140
4. CityDev -0.120
5. SembMar -0.070
US markets rebounded yesterday with average 0.5% gain. Asian bourses however were mixed with mostly down. Nikkei -1.00%, SSE -0.15% and HSI +0.20%. STI managed to rebound from past 2 days of selling down closing +0.28% in thin volume and value. 11 of the 30 index stocks posted gain.
US markets finally managed to rebound after days of selling down but investors will be watching is the worst of the correction over or just a dead cat bounce. For Asian, selling pressure still persist as investors are awaiting for clearer picture. Most of the Asian markets still facing selling probably due to funds taking profit and rotating money out either to China market or taking profit for the time being.
STI managed to stage a rebound for the day but the gain was capped by profit taking. Short-term investors caught by the past 2 days selling down were taking the opportunity of the rebound to either sell for profit or cut loss. While it is too early to conclude correction is over, bargain hunting especially for the blue chips might be too early too. At the moment only the mid and small caps present with bargain hunt opportunity.
