FTSE STI closed 3,408.02, down 15.33 points or -0.45% with a total volume of 1.25b and a total value of S$1.23b. Total number of advance vs decline was 210 vs 226. Of the 30 component index stocks, 13 closed positive, 2 unchanged and 15 in the red. The top 5 gainer component stocks were :-
1. KepCorp +0.130
2. HongkongLand USD +0.100
3. ComfortDelGro +0.060
4. Ascendas Reit +0.040
5. CityDev +0.040
5. SembMar +0.040
5. StarHub +0.040
The top 5 loser component stocks were :-
1. JSH USD -0.810
2. JMH USD -0.620
3. Jardine C&C -0.460
4. SIA -0.360
5. UOB -0.340
US markets rebounded at least 1% yesterday but Asian bourses were mixed for the day with Nikkei -1.27%, SSE +2.47% and HSI +0.29%. STI gave back half of yesterday gain in typical daily volume and value with 13 of the 30 index stocks posted gain.
US ISM data for January came in weaker than expected but with rebound on oil price and easing concern of Greece debt helped US markets to overcome earlier loss to close with a gain of at least 1%. Asian markets however were mixed. Event for the day was RBA did a 25-basis point interest rate cut to 2.25% in an effort to pop up economy hit by falling commodity prices. Oil price also rebounded with crude oil price hitting US$55/barrel in Asian trading. The rebound of oil price was due to US shale oil producers cutting down exploration but that doesn't mean the oil plunge saga is far from oil. Global demand of oil need to match up with the supply glut then can confirm the oil plunge saga is over.
STI was weighed down by profit taking on blue chips after yesterday almost 1% rally. The index was off with the fall in banking, SIA and Jardine group of stocks while the O&G stocks providing some offset to the fall. Despite today fall, STI still pretty much in an uptrend with 3,450 as an immediate resistance. Finding a support level and consolidating around that would be what STI need to do know.
