FTSE STI closed 3,373.48, up 20.03 points or +0.60% with a total volume of 1.89b and a total value of S$1.08b. Total number of advance vs decline was 286 vs 172. Of the 30 component index stocks, 18 closed positive, 5 unchanged and 7 in the red. The top 5 gainer component stocks were :-
1. SIA +0.430
2. JMH USD +0.400
3. SGX +0.160
4. UOB +0.100
5. CityDev +0.090
The top 5 loser component stocks were :-
1. JSH USD -0.370
2. StarHub -0.040
3. Jardine C&C -0.030
4. Olam -0.025
5. Kep Corp -0.010
5. DBS -0.010
US markets closed mostly higher last Friday and Asian bourses were mixed for the day with Nikkei closed for holiday, SSE +0.91% and HSI -0.04%. STI rose 0.60% in higher volume and value than past days with 18 of the index stocks posted gain.
Corporate earning caused US markets to close mostly higher last Friday with Nasdaq hitting new record high. Over the weekend, positive development regarding Greece crisis continued to surface with German Parliament voted for the Greece bailout plan, ECB extended the aids of liquidity to Greek bank and Greece banks scheduled to reopen today after 3 weeks of shut down but the capital control still remain. Coming into this week, corporate earning and economic data will be in focus.
STI playing catch up on last Friday rose 0.60% with bargain hunting on blue chips. In addition, punters returned for penny stocks punting leading to increase in daily volume than past days. With most of the macro issue either on the positive side or temporary putting aside, corporate earning will be in focus from now till mid of August. There should not be any downside surprise to Singapore corporate earning and as such, Singapore market could be slowly inching up towards the 3,400 level once the support at 3,600 is regained.
