FTSE STI closed 3,442.33, down 28.47 points or -0.82% with a total volume of 1.34b and a total value of S$1.15b. Total number of advance vs decline was 154 vs 284. Of the 30 component index stocks, 8 closed positive, 2 unchanged and 20 in the red. The top 5 gainer component stocks were :-
1. SIA Engg +0.080
2. SGX +0.030
3. Wilmar +0.030
4. GoldenAgri +0.020
5. JSH USD +0.020
5. SembMar +0.020
The top 5 loser component stocks were :-
1. JMH USD -0.710
2. Jardine C&C -0.460
3. UOB -0.310
4. DBS -0.270
5. CityDev -0.210
US markets closed in the red after 2 straight days of gain and Asian bourses were mixed for the day with Nikkei +0.02%, SSE +1.58% and HSI -1.12%. STI fell 0.82% in typical those thin daily volume and value with only 8 of the 30 index stocks posted gain.
The news of China PBOC cut interest rate failed to offset concern weigh down by no deal in the EU Finance Minister meeting yesterday to grant Greece another bailout fund, causing a sell off in the bond market which then trigger a sell off in the stock market. Though Greece managed to pay the 750b euro to IMF one day before the deadline, the no deal means Greece cannot receive a vital last tranche of bailout fund of 7.2b euro and questioning whether does it have the money to pay its creditors next. The situation has now become very clear that if Greece wants to continue receive the bailout fund, it will have to conform to all those reform requirement by its creditors and if not, Greece will have to exit euro.
STI only managed to rise slight positive in the early part of the trading and stayed in the red for most of the time. It fell more in the afternoon when European markets all opened in the red weighed down by Greek's fear. While yesterday was the blue chips helped lifted STI, today they were the one that dragged STI down while the broader market saw narrow price movement. Bargain hunting not the time yet, need to patience to wait some more.
