FTSE STI closed 3,453.75, up 6.73 points or +0.20% with a total volume of 1.39b and a total value of S$926M. Total number of advance vs decline was 225 vs 188. Of the 30 component index stocks, 18 closed positive, 4 unchanged and 8 in the red. The top 5 gainer component stocks were :-
1. Jardine C&C +1.00
2. JSH USD +0.170
3. CityDev +0.190
4. DBS +0.080
5. HongkongLand USD +0.050
The top 5 loser component stocks were :-
1. JMH USD -0.260
2. SIA -0.140
3. SPH -0.040
4. SGX -0.040
5. SembMar -0.020
US markets fell into red again with a drop of at least 0.40% yesterday. Asian bourses however were mostly positive for the day with Nikkei +1.46%, SSE +0.43% and HSI +0.77%. STI was unable to match the performance of regional bourses with just a gain of 0.20% in typical volume but thin daily value with 18 of the 30 index stocks posted gain.
US ADP data came in much weaker than expected leading to investors anticipating a weaker non-farm payroll tomorrow and that will delay US Fed on rate hike. As a result of that USD weaken and US markets dipped into the red. Asian markets were on an opposite view as the weak US data which potentially delay US Fed rate hike cheered on markets resulting in SSE closing at multi-year high. Crude oil price firmed up as data showing US oil supply dip also played a role in firming up Asian markets. However, the nuclear talk between UN and Iran might change the picture of crude oil price if deal is reached within this week (despite already passed the deadline) and UN lifted the sanctions to allow Iran to export oil. Meanwhile, eyes will be focus on tomorrow night US non-farm payroll data.
STI having another lacklustre day moving in narrow range, swinging between gain and loss and closing flat. It is now just a few points away from 52-week high thanks to selective index stocks that lifting the index. While there is a momentum moving higher for the time being, the lack of market volume preventing it from performing like rest of regional markets. Blue chips and large-cap stocks were holding range bound while short-term traders and punters were playing on the mid-cap, small-cap and penny stocks for quick profit.
