FTSE STI closed 3,471.19, down 11.51 points or -0.33% with a total volume of 1.51b and a total value of S$886M. Total number of advance vs decline was 175 vs 279. Of the 30 component index stocks, 13 closed positive, 3 unchanged and 14 in the red. The top 5 gainer component stocks were :-
1. Jardine C&C +0.490
2. SIA +0.160
3. SGX +0.595
4. Noble +0.035
5. Olam +0.030
5. StarHub +0.030
The top 5 loser component stocks were :-
1. JMH USD -0.440
2. UOB -0.230
3. HongkongLand USD -0.150
4. DBS -0.120
5. SPH -0.060
5. JSH USD -0.060
US markets edged up yesterday ahead of economic data this week. Asian bourses were however mostly in the red with Nikkei still closed for holiday, SSE sank 4.06% and HSI -1.31%. STI tracking regional bourses fell 0.33% in typical thin daily volume and value with 13 of the 30 index stocks posted gain.
US markets headed higher ahead of the most watch non-farm payroll data this Friday with index challenging the recent high but lack the momentum to breakout from it. Asian markets led by SSE closed negative for the day. RBA did a 25-basis point interest rate cut as expected but with news that Chinese brokerages tightening requirement for margin financing, SSE fell more than 4% dragging and that negative sentiment spread through regional markets.
STI as expected is pulling back to test the support at 3,450 and with probably another drop will be able to test it. Broader market still facing selling pressure and little sign of any bargain hunting and should the support at 3,450 is unable to hold, the next will be around the 3,380 to 3,420 region.
