FTSE STI closed 3,423.35, up 32.15 points or +0.95% with a total volume of 1.31b and a total value of S$1.29b. Total number of advance vs decline was 182 vs 261. Of the 30 component index stocks, 18 closed positive, 2 unchanged and 6 in the red. The top 5 gainer component stocks were :-
1. JMH USD +0.730
2. JSH USD +0.560
3. UOB +0.320
4. HongkongLand USD +0.190
5. SGX +0.120
The top 5 loser component stocks were :-
1. DBS -0.070
2. SIA -0.040
3. SIA Engg -0.030
4. SPH -0.020
5. Genting SP -0.020
US markets fell at least 1% last Friday and Asian bourses were mostly in the red with Nikkei -0.66%, SSE -2.53% and HSI -0.09%. STI was one of the bright spot for the day gaining 0.95% in typical daily volume and value with 18 of the 30 index stocks posted gain.
US reported a worst than expected 4Q GDP last Friday coming in at +2.6% vs expected of +3%. Asian markets started the week on a bearish sentiment too after China released a contraction in its official PMI for January coming in at 49.8, a first contraction for past 2 years. Those 2 set of economic data definitely not helping global markets and with news that Greece is looking to renegotiate the bailout term, short-term focus could be switching to that. Economic data to be watched this week would be this Friday US non-farm payroll. Should US labor market continue to strengthen and question will be asked "can the Fed going to hike rate despite the recent weakness in global economic data ?"
STI outperformed regional market for the day as investors were focusing on domestic issue in particular corporate earning. However, broader market was in general weak probably due to traders unwinding contra positions. News also this afternoon which should attract most of attention for the next few months was PM has called for revision of registers of electors to be completed on or before April 30, 2015. This could signal Singapore is gearing up for General Election either later this year or early 2016. The importance of this coming GE should not be how many seats opposition parties could win but rather who can provide fresh and new ideas to grow the economy as presently it is practically running out of ideas.
