FTSE STI closed 3,417.51, up 22.24 points or +0.66% with a total volume of 1.04b and a total value of S$1.13b. Total number of advance vs decline was 202 vs 219. Of the 30 component index stocks, 18 closed positive, 5 unchanged and 7 in the red. The top 5 gainer component stocks were :-
1. JMH USD +1.160
2. JSH +0.250
3. DBS +0.190
4. CityDev +0.130
5. HongkongLand USD +0.130
The top 5 loser component stocks were :-
1. SIA -0.080
2. GLP -0.050
3. Capitaland -0.030
4. Genting SP -0.025
5. UOB -0.020
5. CapitaMall -0.020
US markets rebounded yesterday with a gain of at least 0.1%. Asian bourses were however mixed for the day with Nikkei +1.17% at 15-year high, SSE -0.22% and HSI -0.12%. STI recovered losses from past 2 days with a gain of 0.66% in slightly thinner daily volume and value with 18 of the 30 index stocks posted gain.
US markets rebounded helped by ECB action in which it will commence on its bond buying program on 9th Mar, spending 60b euro each month till Sept 2016. Asian markets were mixed as the concern of slower growth forecast by Chinese Government still weighed on for SSE and HSI. The rest of regional markets were probably being optimistic about tonight non-farm payroll data. Many see that as an indicator for when US Fed will hike interest rate, unfortunately, that should not be the case as US Fed just have to hike rate. The importance should be the pace of rate hike and not when.
STI managed to rebound from past 2 days of selling with bargain hunting and short-covering ahead of tonight US job data. Despite STI closed higher, nothing has changed from the fact it is still in consolidation mode in which it is trying to establish a support at the 3,400 level.
