FTSE STI closed 3,320.23, down 7.44 points or -0.22% with a total volume of 1.45b and a total value of S$1.02b. Total number of advance vs decline was 136 vs 314. Of the 30 component index stocks, 9 closed positive, 4 unchanged and 17 in the red. The top 5 gainer component stocks were :-
1. OCBC +0.140
2. JMH 400USD +0.060
3. DBS +0.050
4. SIA Engg +0.050
5. Olam +0.040
5. SPH +0.040
The top 5 loser component stocks were :-
1. Jardine C&C -0.670
2. JSH 500USD -0.330
3. UOB -0.200
4. CityDev -0.120
5. SIA -0.080
5. GLP -0.080
US markets fell almost 1% yesterday and Asian bourses were all in the red. Nikkei -1.05%, SSE -0.11% and HSI -0.26%. STI inline with regional bourses fell 0.22% in thin volume and value with 9 of the 30 index stocks posted gain.
News of Russia might invade Ukraine sparked another round of selling down for global markets this time. The validity of the news should be questionable given that any military move by Russia will only do them no good. Already being imposed several economic sanctions by US and EU, any unwise move can only add more miserable to their economy. However, given current sentiment, with funds all rushing for the same exit door, any news whether true or not will cause more selling pressure. This is the result of being overly optimistic in the past months and now reality kicks in.
STI after yesterday slight rebound, continued the slide. However, this time round, the selling pressure was reduced probably due to the fact that whoever wanted to exit have more or less done so in the past days. That doesn't correction is over, just that the selling will always be there upon some negative events or news until the market is able to absorb all those negative and consolidate itself.
