FTSE STI closed 3,330.96, up 51.43 points or +1.57% with a total volume of 1.54b and a total value of S$919M. Total number of advance vs decline was 295 vs 127. Of the 30 component index stocks, 28 closed positive, 1 unchanged and 1 in the red. The top 5 gainer component stocks were :-
1. JMH 400USD +0.710
2. UOB +0.430
3. JSH 500USD +0.320
4. KepCorp +0.260
5. Jardine C&C +0.210
The only loser component stock was :-
1. Olam -0.010
US markets closed positive last Friday and Asian bourses taking the lead were mostly positive for the day with Nikkei +0.08%, SSE +0.65% and HSI +1.26%. STI continued the surge with another +1.57% in typical daily volume but thinner value with 28 of the 30 index stocks posted gain.
As oil price rebounded and the fear of "oil crisis" (is that really a crisis ?) eased and concern of US Fed might hike interest risk sooner, risk appetite returned to stock markets pushing US markets heading towards near record high last Friday. Asian markets taking the cue and perhaps also in the mood of a Christmas rally headed higher for the day.
STI regain the 3,300 region with a +1.57% rally with broad market buying up. Oil-related stocks continued the rebound but still have some refuse to believe in fundamental and termed that as "dead cat bounce". Short will get shot by the fundamental. Market is in the mood of a Christmas rally and perhaps year end window dressing. That should not be what to be focus on. The focus should be on next month earning season in which most of the companies will be reporting their FY earning and declaring dividend (especially the blue chips). Accumulate on weakness.
