FTSE STI closed 3,322.32, up 16.68 points or +0.50% with a total volume of 1.18b and a total value of S$1.07b. Total number of advance vs decline was 219 vs 171. Of the 30 component index stocks, 19 closed positive, 3 unchanged and 8 in the red. The top 5 gainer component stocks were :-
1. Jardine C&C +0.360
2. SIA +0.300
3. JSH 500USD +0.240
4. OCBC +0.170
5. SingTel +0.060
The top 5 loser component stocks were :-
1. JMH 400USD -0.350
2. CityDev -0.170
3. HongkongLand USD -0.080
4. DBS -0.050
5. SIA Engg -0.040
US markets were down yesterday. Asian bourses rebounded from yesterday selling down with Nikkei +0.42%, SSE +3.10% and HSI +1.23%. STI rebounded 0.50% in lighter daily volume and value than yesterday with 19 of the 30 index stocks posted gain.
US markets fell yesterday despite oil price rebounded. Weaker than expected ISM data coupled with weak Black Friday retail sales weighed on the rebound of oil price. For Asia, China possible more stimulus dominated the market sentiment resulting in SSE rallied over 3% and Nikkei despite S&P downgraded of its debt still managed to close positive. Apart from focusing on oil price, economic data like US non-farm payroll will also be in focus for the week.
STI managed to recover part of the loss yesterday as short-covering plus bargain hunting allowed market to close positive. Most of the oil-related stocks also rebounded tracking the rebound of oil price but still faced with selling pressure as weak holders taking the opportunity to sell. The selling need to be fully absorbed before those oil-related stocks could be bottom. Should oil price stabilizing for these 2 weeks, oil-related stocks should be forming bottom during the process too.
