FTSE STI closed 3,344.99, up 4.46 points or +0.13% with a total volume of 1.78b and a total value of S$1.83b. Total number of advance vs decline was 172 vs 233. Of the 30 component index stocks, 14 closed positive, 5 unchanged and 11 in the red. The top 5 gainer component stocks were :-
1. Jardine C&C +0.430
2. UOB +0.350
3. Kep Corp +0.120
4. Sembcorp +0.120
5. SIA +0.080
The top 5 loser component stocks were :-
1. JMH 400USD -1.020
2. JSH 500USD -0.550
3. SGX -0.110
4. ComfortDelGro -0.070
5. SembMar -0.050
5. Olam -0.050
US markets closed positive again yesterday and Asian markets were mostly positive for the day. Nikkei reopened after yesterday holiday closed +0.29%, SSE +1.37% and HSI -0.21%. STI swinging between gain and loss eventually closed flat in slightly higher volume and value than yesterday with 14 of the 30 index stocks posted gain.
DJ and S&P500 created another record closing with the help of little negative news or events. Asian bourses were mostly positive with SSE hitting 3-year high as the market continued to cheer on PBOC interest rate cut. Events for this year will be US 3Q GDP and OPEC meeting to decide on whether to cut oil production.
Singapore released its 3Q GDP this morning coming in at +2.8% better than the 2.5% expected but that helped little to STI as profit taking caused the market to be flat. While the blue chips were in range bound, the small caps and especially the penny stocks were being played up (in rotation manner) by punters for quick profit. Oil related stocks should be in focus this year and should OPEC decide to cut production, there could be a rush of short-covering and bargain hunting to drive the prices up.
