FTSE STI closed 3,345.32, up 29.72 points or +0.90% with a total volume of 1.16b and a total value of S$1.09b. Total number of advance vs decline was 268 vs 151. Of the 30 component index stocks, 24 closed positive, 3 unchanged and 3 in the red. The top 5 gainer component stocks were :-
1. JMH 400USD +0.960
2. JSH 500USD +0.410
3. DBS +0.320
4. UOB +0.320
5. Jardine C&C +0.170
The 3 loser component stocks were :-
1. SembCorp -0.030
2. ST Engg -0.010
3. HongkongLand USD -0.010
US markets closed at least 0.2% higher yesterday and Asian bourses managed to close with gain for the day with Nikkei +0.33%, SSE +1.40% and HSI +0.37%. STI moved up 0.90% in typical volume and value than yesterday with 24 of the 30 index stocks posted gain.
Investors after digesting US Fed FOMC minutes for last month probably figured out that US Fed could start hike interest rate near end 2015 and with crude oil price rebound, that triggered some positive sentiment causing both DJ and S&P500 to register again another record closing. Japan dissolved parliament today and should be heading for a snap election next month. Rest of the regional bourses were on a bargain hunting day helping markets to close positive.
STI with the help of the banking stocks closed 0.90% higher and broader markets also lifted by bargain hunting. For mid to long term perspective, there are still good bargain around for those mid and small cap fundamental strong stocks but for short-term, broader market is in range bound consolidation mode.
