FTSE STI closed 3,447.01 down 7.25 points or -0.21% with a total volume of 1.36b and a total value of S$1.39b. Total number of advance vs decline was 205 vs 240. Of the 30 component index stocks, 11 closed positive, 2 unchanged and 17 in the red. The top 5 gainer component stocks were :-
1. Jardine C&C +0.340
2. JMH USD +0.140
3. HongkongLand USD +0.130
4. SGX +0.060
5. StarHub +0.060
The top 5 loser component stocks were :-
1. JSH USD -0.530
2. UOB -0.230
3. CityDev -0.120
4. Sembcorp -0.080
5. OCBC -0.080
US markets rose at least 1% yesterday and Asian bourses ended 1Q on mixed with Nikkei -1.05%, SSE -0.99% and HSI +0.18%. STI opened hitting a new 52-week high but failed to sustain the gain and closed -0.21% in typical daily volume and value with 11 of the 30 index stocks posted gain.
US markets while awaiting for coming economic data end of the week rallied at least 1% in reaction to China easing of monetary policy when the Chinese Government on Monday announced easing of housing tax and lending rules. Most expecting more to come from Chinese Government probably in the form of interest rate cut. Asian markets opened positive but gave up gain due to 1Q window dressing when funds preferred to lock in profit. Markets also cautious ahead of tomorrow China official PMI data for March. A weak figure might increase the chance of more easing from Chinese Government.
STI opened positively but profit taking from traders and fund managers locking in profit after past 2 days of gain ended the day in the red. 1Q window dressing was over be it a dressing up or down, the focus next should be corporate earning in the 2nd week of April. Meanwhile, for the next few days, market could be cautious given that it will be a short trading week and closely monitored economic data will be releasing for the next few days.
