FTSE STI closed 3,315.13, up 14.17 points or +0.43% with a total volume of 1.27b and a total value of S$1.01b. Total number of advance vs decline was 198 vs 226. Of the 30 component index stocks, 16 closed positive, 2 unchanged and 12 in the red. The top 5 gainer component stocks were :-
1. HongkongLand USD +0.240
2. DBS +0.200
3. JSH USD +0.200
4. UOB +0.130
5. SingTel +0.070
The top 5 loser component stocks were :-
1. JMH USD -0.500
2. Jardine C&C -0.160
3. GLP -0.050
4. ST Engg -0.030
5. Noble -0.015
US markets fell at least 0.3% last Friday but Asian bourses were all positive for the day with Nikkei +1.26%, SSE closed for holiday and HSI +1.20%. STI in line with regional bourses rose 0.43% in thin volume and value with 16 of the 30 index stocks posted gain.
The uncertainties and options expired weighed down US markets last Friday but over the weekend news that Greek Government submitted a new proposal to strike a deal before tonight EU emergency meeting raise hopes that a deal might eventually agree on tonight so that Greece will not default and exit euro. That trigger a hope rally in Asian markets. While it is still too early to affirm that the Greek's issue can be resolved tonight as the content of the new proposals still unknown. However, it appears that there is a high chance a deal could be eventually agree on in the 11th hour of the deadline. China market was shut for holiday ahead of tomorrow HSBC flash PMI and SSE was in correction phase at the moment.
STI staged a hope rally like regional markets but the thin volume and value still indicate some cautiousness. Should the Greek issue able to come to a resolution, could be further upside to the market tomorrow with bargain hunting and short-covering pushing the market higher. On the other hand, should no deal done, the question will be will Singapore market crash tomorrow ? Regardless of which direction the market will go tomorrow, the onus still focus on fundamental and watch out for bargain hunt opportunity.
