FTSE STI closed 3,502.75, up 6.51 points or +0.19% with a total volume of 1.58b and a total value of S$1.23b. Total number of advance vs decline was 195 vs 277. Of the 30 component index stocks, 14 closed positive, 2 unchanged and 14 in the red. The top 5 gainer component stocks were :-
1. UOB +0.220
2. Jardine C&C +0.160
3. CityDev +0.150
4. HongkongLand USD +0.100
5. OCBC +0.090
The top 5 loser component stocks were :-
1. JMH USD -0.580
2. Sembcorp -0.120
3. JSH USD -0.110
4. Kepcorp -0.050
5. StarHub -0.040
5. AscendasReit -0.040
US markets gained at least 0.4% yesterday and Asian bourses were mostly positive for the day with Nikkei +0.27%, SSE +0.37% and HSI -0.38%. STI rebounded slightly with a gain of 0.19% in thin daily volume and value with 14 of the 30 index stocks posted gain.
US markets finished higher due to better corporate earning and Asian markets were mostly positive despite China flash PMI for April came in 49.2, a one-year low and below expectation. The weak data allowed investors to continue speculating on more stimulus from China Government. With that both Nikkei and SSE hit another new multi-year high for the day. In the afternoon, Eurozone flash PMI for April fell to 53.5 from 54.0 a month earlier and also below expectation. That caused the HSI to give up earlier gain and slip into the red while regional markets also pared gain.
STI notched up a small gain in thin volume and value as short-term traders and punters continue to slowly exit and stay cautious. While regional markets in North Asia continue to surge new high, activity from STI getting quieter. A possibility is fund rotating out to pour into North Asia market. As STI tried to track North Asia markets to move higher, the lack of catalysts like stimulus has put a resistance on the upside in the short-term. STI is trying to find a bottom to consolidate at the moment and until that bottom is found, the general sentiment is biased towards the downside.
