FTSE STI closed 3,361.75, down 8.20 points or -0.24% with a total volume of 1.05b and a total value of S$1.02. Total number of advance vs decline was 156 vs 300. Of the 30 component index stocks, 10 closed positive, 3 unchanged and 17 in the red. The top 5 gainer component stocks were :-
1. JSH USD +0.310
2. SIA +0.240
3. DBS +0.140
4. SGX +0.110
5. CityDev +0.020
5. UOB +0.020
The top 5 loser component stocks were :-
1. JMH USD -0.410
2. StarHub -0.070
3. HongkongLand USD -0.070
4. Jardine C&C -0.050
5. CapitaMall -0.050
US markets closed mixed yesterday and Asian bourses were mostly positive with Nikkei +0.55%, SSE +2.12% and HSI +0.91%. STI managed to turn positive in the early part of the day but failed to maintain the gain and eventually close -0.24% in thinner daily volume and value with 10 of the 30 index stocks posted gain.
Most of US markets closed in the red ahead of US Fed FOMC meeting outcome tonight. Asian markets however managed to stay positive mostly with both Nikkei and SSE hitting another new high. With probably equal group of people wanting a rate hike, there is another group that wishing for a delay of rate hike. As such, investors are resorted to watch the words coming out of US Fed Chairman tonight to determine when will be the rate hike. Rate hike should not be seen as a collapse of a financial system as the global effort of monetary easing easily offset that impact.
STI unable to keep track with regional markets as the drop in O&G stocks due to sliding crude oil price, strengthening of USD against SGD and profit taking kept the market from staying positive. Sentiment wise might be biased towards the negative with market biasing towards the downside, what should be done is focus on the fundamental and seize bargain hunting opportunity.
