FTSE STI closed 3,295.13, down 25.20 points or -0.76% with a total volume of 1.40b and a total value of S$1.32b. Total number of advance vs decline was 122 vs 325. Of the 30 component index stocks, 5 closed positive, 2 unchanged and 23 in the red. The 5 gainer component stocks were :-
1. DBS +0.340
2. UOB +0.180
3. Capitaland +0.020
4. SingTel +0.020
5. SIA Engg +0.020
The top 5 loser component stocks were :-
1. JMH USD -2.460
2. JSH USD -1.170
3. Jardine C&C -0.580
4. HongkongLand USD -0.200
5. CityDev -0.160
US markets fell at least 0.40% yesterday and Asian bourses were all in the sea of red with Nikkei -1.76%, SSE -0.36% and HSI -1.20%. STI fell 0.76% in slightly higher volume and value than yesterday with only 5 of the 30 index stocks managed to register gain.
The fear of interest rate hike sooner again caused US markets to a sell down. With weak and negative sentiment, Asian markers were in the red and the latest China inflation data coming in weaker than expected at 1.2% further weaken the sentiment resulting in a sea of red.
STI continued the drop and ended below 3,300 level. Broad market was under selling pressure as no catalysts for any bargain hunting. Investors will be watching whether the next level of support at 3,280 is able to hold. A short-term relief rebound should be around the corner while bargain hunting opportunity should appear within the next 2 to 3 weeks times as the unreasonable or irrational selling momentum is building up slowly.
