FTSE STI closed 3,487.39, up 0.24 points or +0.01% with a total volume of 1.38b and a total value of S$1.47b. Total number of advance vs decline was 200 vs 223. Of the 30 component index stocks, 18 closed positive, 4 unchanged and 8 in the red. The top 5 gainer component stocks were :-
1. JMH USD +0.700
2. JSH USD +0.230
3. HongkongLand USD +0.160
4. CityDev +0.110
5. UOB +0.070
The top 5 loser component stocks were :-
1. Jardine C&C -0.210
2. OCBC -0.200
3. Kep Corp -0.090
4. StarHub -0.070
5. Capitaland -0.060
US markets fell at least 0.30% yesterday and Asian bourses were in the sea of red with Nikkei -2.69%, SSE -0.76% and HSI -0.94%. STI closed flat in those typical thin volume and value day with 18 of the 30 index stocks posted gain.
US 1Q GDP came in at +0.2% far below expectation of 1% and US Fed after 2-days FOMC meeting maintained status quo on interest rate, lowered economic growth forecast but shun away from interest rate hike issue despite the weak economic data. With that US Fed still have a time frame of interest rate hike in 2H 2015 despite the recent weakling of economic growth. That sort of worried investors resulting in the selling of US markets. For Asia, BOJ cut inflation and growth outlook and kept policy steady. Japan industrial output also fell but managed to top forecast. The downbeat in US economy triggering selling in regional markets.
STI spent most of the time in red until on closing when short-covering and some month end window dressing pop up the index allowing to close marginally higher. With long weekend ahead and downbeat global economic data, there is no incentive for traders, punters and investors to bargain hunt for the moment. The weakness in the market could potentially drag on till July despite earning season still undergoing.
