FTSE STI closed 3,305.64, down 44.86 points or -1.34% with a total volume of 1.72b and a total value of S$1.27b. Total number of advance vs decline was 84 vs 400. Of the 30 component index stocks, 5 closed positive, 3 unchanged and 22 in the red. The 5 gainer component stocks were :-
1. Jardine C&C +0.250
2. JMH 400USD +0.170
3. GLP +0.010
4. SPH +0.010
5. ThaiBev +0.005
The top 5 loser component stocks were :-
1. Kepcorp -0.440
2. OCBC -0.260
3. DBS -0.260
4. JSH 500USD -0.240
5. Sembcorp -0.230
US markets closed mixed last Friday for half-day trading. Asian bourses were mixed but mostly down for the day. Nikkei +0.75%, SSE -0.08% and HSI -2.58%. STI fell 1.34% in slightly higher daily volume and value than past days with only 5 of the 30 index stocks posted gain.
US markets were muted last Friday but crude oil price fell more than 1% after market closed. Asian bourses were reacting to the falling crude oil price will selling pressure. China released its official PMI data for November coming in at 50.3 below expectation. The weak number has prompted investors that PBOC will be taking more action in loosing monetary policy. However, that failed to prevent the "panic selling" from the falling oil price.
STI fell more than 1% with the selling accelerated in the afternoon tracking the negative open of European markets. Oil related stocks were under selling pressure and that spread to broader market. Lot of guessing surfaced regarding where oil price will drop to but just let the market decide the stabilized price. For oil related stocks, beware of those with high debt level if want to bargain hunt.
