FTSE STI closed 3,465.62, up 12.71 points or +0.37% with a total volume of 1.95b and a total value of S$953M. Total number of advance vs decline was 274 vs 152. Of the 30 component index stocks, 20 closed positive, 1 unchanged and 9 in the red. The top 5 gainer component stocks were :-
1. Jardine C&C +0.360
2. JMH USD +0.320
3. JSH USD +0.210
4. UOB +0.210
5. Kep Corp +0.110
The top 5 loser component stocks were :-
1. DBS -0.130
2. SIA -0.110
3. SGX -0.060
4. Capitaland -0.030
5. SIA Engg -0.010
5. Olam -0.010
5. GLP -0.010
US markets rose at least 0.60% yesterday and Asian bourses taking the cue were positive for the day with Nikkei +1.25%, SSE +2.51% and HSI still closed for holiday. STI closed 0.37% hitting new 52-week high in higher daily volume but thin value with 20 of the 30 index stocks posted gain.
The fear of sooner than expected rate hike eased resulting in US markets to rebound yesterday. Asian markets were mostly on a rally with couple of events. Fear of sooner than expected rate hike, rebound in oil price after Saudi hike export oil price to Asia due to increase in demand and both RBA and RBI stayed away from further rate cut all led to Asian equity having a positive day.
STI finally hit new 52-week high after several attempts with the help of Jardine group of stocks but came at a thin volume as most traders focus on penny stocks while stay cautious ahead of blue chips and large cap stocks ahead of their earnings. Most of the blue chips and large cap stocks are at resistance level and should they able to breakout with the help of catalysts (probably earning result), STI will have some more upside to come.
