FTSE STI closed 3,345.00, down 4.84 points or -0.14% with a total volume of 1.66b and a total value of S$1.56b. Total number of advance vs decline was 140 vs 298. Of the 30 component index stocks, 7 closed positive, 1 unchanged and 22 in the red. The top 5 gainer component stocks were :-
1. DBS +0.270
2. JMH USD +0.160
3. SingTel +0.100
4. UOB +0.080
5. JSH USD +0.070
The top 5 loser component stocks were :-
1. SIA -0.160
2. HongkongLand USD -0.160
3. Jardine C&C -0.150
4. SGX -0.120
5. CityDev -0.120
US markets managed to close with a gain of at least 0.2% yesterday. Asian bourses were mixed for the day after some choppy trades with Nikkei +0.07%, SSE +0.76% and HSI -0.38%. STI opened lower, swing between gain and loss eventually closed -0.14% in typical thin daily volume and value with only 7 of the 30 index stocks posted gain.
US ADP job data came in roughly in line with expectation and ISM non-manufacturing data for May came in below expectation at 55.7. While investors keeping an eye on this Friday non-farm payroll data, the immediate concern on Greece still weigh on. On the positive side, ECB after its meeting has pledged for more stimulus if required. Asian markets especially SSE was on a choppy session swinging 4% between gain and loss as investors awaiting for news from Greece.
STI was flat as the blue chips despite some bargain hunting still under selling pressure from funds. Broader market though looked stabilize but still too early to conclude the correction is over. Majority of the broad markets have yet to see that kind of price correction the blue chips experienced for past 1 week. If broad market does not see any price correction for the next 2 weeks, the market should be stabilized and time to start to accumulate.
