FTSE STI closed 3,369.95, down 6.09 points or -0.18% with a total volume of 1.37b and a total value of S$1.15. Total number of advance vs decline was 177 vs 288. Of the 30 component index stocks, 9 closed positive, 1 unchanged and 20 in the red. The top 5 gainer component stocks were :-
1. JMH USD +1.040
2. DBS +0.080
3. ComfortDelGro +0.020
4. SingTel +0.020
5. Capitaland +0.010
5. HPG Trust USD +0.010
5. Olam +0.010
5. SPH +0.010
5. ThaiBev +0.010
The top 5 loser component stocks were :-
1. SIA -0.230
2. JSH USD -0.190
3. HongkongLand USD -0.130
4. UOB -0.120
5. Jardine C&C -0.110
US markets rallied at least 1.2% yesterday and Asian bourses were mostly positive for the day with Nikkei +0.99%, hitting new high, SSE +1.58%, hitting new high and HSI -0.20%. STI gave up earlier gain and closed -0.18% in typical daily volume and value with 9 of the 30 index stock posted gain.
USD weaken ahead of US Fed FOMC meeting resulting in US markets rally despite continue weakening of crude oil price. Asian markets taking the cue were mostly positive despite BOJ doing a no show after its meeting on monetary policy. Investors were again having high hope of more stimulus from China. US Fed will start its 2-day FOMC meeting tonight and investors will be looking for clue especially the words being used by Fed Chairman to determine when will be the first rate hike. There is no need to be over-reacting to a rate hike from US Fed.
STI failed to maintain the gain and sank into the red in mid-day as profit taking kicked in as investors stayed cautious. Singapore non-oil export plunged 9.7% in February, surprising expectation after a +4.3% in January and that did a part in weighing down market sentiment. There could be an event for Singapore within the next few days or weeks that could cause a knee-jerk reaction to the market, that will be a golden opportunity to bargain hunt whether short, mid or long term. Look out for it !
