FTSE STI closed 3,419.15, up 6.95 points or +0.20% with a total volume of 1.38b and a total value of S$1.23b. Total number of advance vs decline was 233 vs 177. Of the 30 component index stocks, 20 closed positive and 10 in the red. The top 5 gainer component stocks were :-
1. Jardine C&C +0.180
2. UOB +0.130
3. KepCorp +0.120
4. CityDev +0.100
5. SGX +0.070
The top 5 loser component stocks were :-
1. JMH USD -1.780
2. JSH USD -0.410
3. SIA -0.080
4. HongkongLand USD -0.050
5. CapitaMall -0.050
5. Ascendas Reit -0.050
US markets fell at least 1.30% yesterday and Asian bourses were mixed for the day with Nikkei +0.15%, SSE -1.38% and HSI +0.22%. STI mostly traded in positive region closed +0.20% in typical daily volume and value with 20 of the 30 index stocks managed to register gain.
US Durable Good Order fell 3.9% last month and coupled with weak corporate earning sent US markets tumbling more than 1.30%. Asian markets without much economic data for the day were mixed given the weakness in US markets overnight as investors wait for tonight outcome of US Fed FOMC meeting. There should not be any surprise in US Fed policy. US Fed should have in mind already when to hike interest rate and will stick to it despite the recent weakness in economic data and the effect of oil price plunge. US corporate earning has been weak for last quarter and economic data also starting to weakening and should US Fed maintain its stand of when to raise interest rate, US markets will be the most affected and not rest of the world.
STI rose for the 2nd day despite investors taking cautious ahead of the outcome of US Fed FOMC meeting tonight. O&G stocks meanwhile rebounded providing some bright spot for the market for the day. For broader market, some profit taking was observed while those yet to release their respective earning providing some resilient to the market. A big contrast between Singapore corporate earning and US corporate earning and if STI follows the weakness of US markets, it just spells bargain opportunity.
