FTSE STI closed 3,412.44, up 26.28 points or +0.78% with a total volume of 1.27b and a total value of S$1.54b. Total number of advance vs decline was 247 vs 184. Of the 30 component index stocks, 19 closed positive, 5 unchanged and 6 in the red. The top 5 gainer component stocks were :-
1. Jardine C&C +0.410
2. JMH USD +0.400
3. UOB +0.250
4. KepCorp +0.160
5. SGX +0.130
The top 5 loser component stocks were :-
1. JSH USD -0.190
2. HongkongLand USD -0.090
3. SIA Engg -0.050
4. Wilmar -0.040
5. Olam -0.020
US markets were mixed yesterday and Asian bourses were mostly positive for the day with Nikkei +0.43%, SSE +0.98% and HSI -0.38%. STI rose 0.78% in typical daily volume and value with 19 of the 30 index stocks posted gain.
US markets closed mixed after post-Fed rally the day before as investors took profit and digesting the impact of interest rate hike (when and how) on economic growth. Though Asian markets managed to close mostly higher with both Nikkei and SSE hitting another new high, it was a choppy session swinging between gain and loss. Except for US, a hike in interest rate by Fed should not have much impact as most of the big economic nations are in loose monetary condition.
STI continued yesterday upwards movement causing it to close above 3,400 level as investors snapping up the blue chips especially banking stocks created the big lift. S-Reits continued to trend higher despite the fact that a more definite time frame now for interest rate hike. It is possible that funds are positioning themselves for next month earning season or from now till the rate hike, there is still considerable time frame to profit from S-Reits. The event which could knee-jerk the market has a high possibility of happening over the weekend and that could be the best scenario as it allows one to think through strategy and select out those stocks to take advantage of.
