FTSE STI closed 3,460.30, down 0.38 points or -0.01% with a total volume of 3.04b and a total value of S$1.36b. Total number of advance vs decline was 272 vs 178. Of the 30 component index stocks, 13 closed positive, 5 unchanged and 12 in the red. The top 5 gainer component stocks were :-
1. CityDev +0.280
2. Sembcorp +0.080
3. SGX +0.080
4. Ascendas Reit +0.050
5. Olam +0.035
The top 5 loser component stocks were :-
1. Jardine C&C -0.200
2. JSH USD -0.130
3. UOB -0.110
4. SIA -0.090
5. Noble -0.050
5. DBS -0.050
US markets closed positive yesterday and Asian bourses were mixed with Nikkei +0.75%, SSE -0.91% and HSI +2.70%. STI opened at new 52-week high but gave up the gain and closed -0.01% in higher daily volume and typical daily value with 13 of the 30 index stocks posted gain.
A dovish Fed minutes for last month FOMC meeting seeing Fed members split of when to hike rate and rally on tech stocks offset drop in crude oil price sent US markets higher. Asian markets were divided however with both Nikkei and HSI hitting new multi-year high. The bullishness in HSI was due to funds buying the undervalued H-shares through the HKEx-Shanghai Connect as valuation of H-shares are relatively cheaper than those of A-shares. As a result of that SSE was down as funds switching out. US started earning season yesterday and more focus will be on corporate earning now.
STI opened positive but with funds switching out to HSI, gain was unable to sustain. Broader market was different as punting on penny and small cap stocks saw daily volume hitting a 52-week high level. The blue chips and large cap stocks were lacking of catalysts to attract buying and if their coming earning result show positive, funds could return.
