FTSE STI closed 3,326.16, down 14.91 points or -0.45% with a total volume of 1.18b and a total value of S$1.13b. Total number of advance vs decline was 145 vs 256. Of the 30 component index stocks, 7 closed positive, 3 unchanged and 20 in the red. The top 5 gainer component stocks were :-
1. JSH USD +0.150
2. ComfortDelGro +0.050
3. SingTel +0.030
4. HPH Trust USD +0.010
5. StarHub +0.010
5. ThaiBev +0.010
5. Wilmar +0.010
The top 5 loser component stocks were :-
1. Jardine C&C -0.720
2. JMH USD -0.350
3. OCBC -0.160
4. SGX -0.140
5. UOB -0.130
US markets fell again and Asian bourses were in a sea of read with Nikkei -1.71%, SSE -0.37% and HSI -0.43%. STI in line with regional bourses fell 0.45% in typical volume and value with only 7 of the 30 index stocks managed to register positive closing.
It was a wild ride for US markets with rising more than 1% in early trading but at the half-way mark gave up all the gain falling almost 1% before recovered to close not more than -0.3%. Asian markets without any important economic data followed the weakness in US markets were in a sea of red. Apart from World Bank cutting global economy growth, the other reason for the global selling off was none other than declining of crude oil price. While US analysts strongly believed that the motive behind OPEC refused to cut supply in the last meeting was to squeeze out US shale production to preserve market share, that objective pretty much in line to achieve now. This could not be done so without the help of US analysts again as they continued one by one to dish out bearish and negative reports in their forecast in oil price thereby creating nothing but panic and fear to drive down the oil price. Should any of the US shale producers being squeeze out next, the one with the biggest helping hand is none other than US analysts. US analysts the main cause of squeezing out US shale producers what an irony it is !!!
STI continued in the red from yesterday with majority of the blue chips suffered from selling. Those still in the green were those with some positive news and in line for releasing of earning which is expected to be good.
