FTSE STI closed 3,340.96, down 8.70 points or -0.26% with a total volume of 1.23b and a total value of S$1.02b. Total number of advance vs decline was 174 vs 238. Of the 30 component index stocks, 6 closed positive, 5 unchanged and 19 in the red. The top 5 gainer component stocks were :-
1. JMH 400USD +0.900
2. JSH 500USD +0.880
3. Jardine C&C +0.740
4. SIA +0.030
5. Olam +0.020
The top 5 loser component stocks were :-
1. UOB -0.070
2. HongkongLand USD -0.060
3. DBS -0.050
4. Sembcorp -0.040
5. Kepcorp -0.040
5. ComfortDelGro -0.040
5. CityDev -0.040
US markets closed positive but Asian bourses were mostly in the red for the day. Nikkei -0.78%, SSE +0.99% and HSI -0.45%. STI struggling between gain and loss eventually closed slight down in lighter volume and value than past days with only 6 of the 30 index stocks posted gain.
Series of mixed economic data like weekly jobless claims, housing and manufacturing data coupled with failing oil price failed to prevent DJ and S&P500 to close at another record. While US markets close tonight for holiday, global investors are focusing on the outcome of the OPEC meeting as to whether there will be a cut in supply. Apparently report seems to be there will be no supply cut and OPEC will let oil price to stabilize naturally.
STI though swinging between gain and loss but spent most of the time in the red as short-term traders and punters chose to take profit in fear that should a no supply cut from OPEC might trigger a market sell down. Most of the oil-related stocks were faced with selling pressure for the day. A continue fall in oil price would hurt revenue of oil-related companies but that does not mean those companies will not be able to generate profit. The falling of oil-related stocks will come to a level on the extremely negative level in which bargain hunting opportunity will appear, watch out for it.
