FTSE STI closed 3,279.53, up 35.88 points or +1.11% with a total volume of 1.31b and a total value of S$1.23b. Total number of advance vs decline was 250 vs 190. Of the 30 component index stocks, 22 closed positive, 2 unchanged and 6 in the red. The top 5 gainer component stocks were :-
1. Jardine C&C +1.550
2. JMH 400USD +0.700
3. DBS +0.400
4. UOB +0.300
5. CityDev +0.210
The top 5 loser component stocks were :-
1. SingTel -0.050
2. SIA Engg -0.020
3. StarHub -0.010
4. CapitaMall -0.010
5. Ascendas Reit -0.010
US markets rallied yesterday in Asian bourses taking the cue traded very positively for the day. Nikkei +2.39%, SSE +1.71% and HSI +1.25%. STI in line with regional bourses rose 1.11% in typical daily volume and value with 22 of the 30 index stocks posted gain.
US markets broadly rallied more than 2% after post-Fed comment on interest rate despite oil price still in the decline. Asian bourses without much of economic data followed US markets in the rally. Investors will be looking at whether the current rally is another new trend or just a dead cat bounce given that oil price still in the decline. Note oil price might be in the decline but that is nothing much but pure speculation and not something fundamental.
STI continued the rebound from yesterday with bank stocks and oil-related blue chips leading the buying up. Many still consider oil-related stocks as dead cat bounce but almost everything the one based on TA will surely miss the bottom. This is the same for broad market. Blue chips still in the mixed as they entered consolidation phase including the beaten down oil-related stocks.
