FTSE STI closed 3,304.93, up 21.22 points or +0.65% with a total volume of 1.50b and a total value of S$1.22b. Total number of advance vs decline was 220 vs 195. Of the 30 component index stocks, 20 closed positive, 2 unchanged and 8 in the red. The top 5 gainer component stocks were :-
1. UOB +0.300
2. DBS +0.240
3. CityDev +0.170
4. Olam +0.160
5. JMH 400USD +0.150
The top 5 loser component stocks were :-
1. SIA Engg -0.150
2. GoldenAgr -0.040
3. SembMar -0.020
4. JSH 500USD -0.020
5. ST Engg -0.010
5. KepCorp -0.010
5. Ascendasreit -0.010
US markets closed mixed yesterday and Asian bourses were mostly positive for the day. Nikkei +1.14%, hitting another new 7-year high, SSE -0.31% and HSI +0.34%. STI after past 2 days of drop finally managed to rebound and move back above the 3,300 level in slightly higher volume and value than yesterday with 20 of the 30 index stocks posted gain.
There was little events and US markets taking a pause after past days of gain. Asian bourses were mixed but most managed to close positive. China data was in focus today with Industrial Production rose 7.7%, below expectation of 8% and Retail Sales rose 11.5%, below expectation of 11.6%. The slight weakness in data indicating that China economy is indeed cool down but not to an extend whereby the PBOC needs to loose monetary policy.
STI rebounded 0.65% reclaiming the 3,300 level with the height of bank stocks and SingTel pushing the index up. Blue chips might see a lift for the day but the broader market still relatively flat and offshore/marine and oil related stocks continued to weaken as crude oil price continued the drop. Most were expect OPEC not to cut supply later this week during the meeting. The weakness in oil price might not be bad for global economy, it just need time to stabilize the "oversupply" issue and market is always going to be over-reacting to that.
