FTSE STI closed 3,521.08, up 36.69 points or +1.05% with a total volume of 3.48b and a total value of S$1.51b. Total number of advance vs decline was 283 vs 191. Of the 30 component index stocks, 25 closed positive, 2 unchanged and 3 in the red. The top 5 gainer component stocks were :-
1. UOB +0.360
2. DBS +0.340
3. Jardine C&C +0.300
4. SGX +0.230
5. SIA +0.140
The 3 loser component stocks were :-
1. JMH USD -0.400
2. JSH USD -0.100
3. Olam -0.010
US markets fell at least 0.40% yesterday and Asian bourses were mixed for the day with Nikkei +0.02%, SSE +0.34% and HSI -1.62%. STI continued the surge with a closing of +1.05% in higher daily volume and typical value with 25 of the 30 index stocks posted gain.
Profit taking ahead of major corporate earning from banks and tech companies caused US markets to pull back. Asian markets also taking a breather from recent rally with mixed performance. Apart from focusing on corporate earning, investors will be looking at tomorrow China 1Q GDP data which mostly expected to be weak. Bad news could be good news for stock markets as weak data only enhanced the chance that China Government will do more monetary easing next.
STI finally broke above 3,500 level to hit another new 7-year high. Singapore released its 1Q GDP this morning surprisingly top forecast coming in at annualized of +2.1% vs +1.8% of expectation. That providing some positive sentiment for STI to stage a rally that broke the 3,500 level. However, the stronger than expected data meant MAS will put on hold of any weakening of SGD. With economic data putting aside, Singapore corporate earning will be in focus next.
