FTSE STI closed 3,319.84, up 22.00 points or +0.67% with a total volume of 1.58b and a total value of S$1.18b. Total number of advance vs decline was 156 vs 263. Of the 30 component index stocks, 19 closed positive, 1 unchanged and 10 in the red. The top 5 gainer component stocks were :-
1. Jardine C&C +0.900
2. DBS +0.360
3. SGX +0.250
4. OCBC +0.210
5. SIA +0.200
The top 5 loser component stocks were :-
1. JMH 400USD -1.180
2. JSH 500USD -0.210
3. SIA Engg -0.030
4. SembMar -0.020
5. HongkongLand -0.020
5. ComfortDelGro -0.020
US markets fell at least 0.6% overnight and Asian bourses were mostly in the red for the day. Nikkei -0.68%, SSE -5.31% and HSI -2.34%. STI bucked the trend closing +0.67% in typical daily volume and value with 19 of the 30 index stocks posted gain.
Oil price continued the decline and that caused US markets to drop weighed down by energy stocks. Asian bourses taking the cue were mostly in the red. SSE tanked in the last hour from positive region to close at least -5% probably due to profit taking after past days of rally. Chinese leaders met for the day to iron out economic plan and blueprint for next year and most expecting a lower GDP projection of 7% for next year. Oil price has continued the decline and should be going for a sharp rebound within the next 2 weeks. While most believe the worst is not over for oil crisis, but nothing is absolute, thing can happen when most least expected.
STI outperformed regional markets and recovered part of yesterday loss to close +0.67% after hitting at least +1% on intra-day. Oil-related stocks still under selling pressure tracking the fall of oil price yesterday night. Apart from oil-related stocks, broader market pretty much still in range bound mode. Some volatile sessions should be seen till end of the week as part of fund managers doing year end window dressing. Watch out for oil price sharp rebound within the next 2 weeks.
