FTSE STI closed 2,886.29, up 42.90 points or +1.51% with a total volume of 2.14b and a total value of S$2.36b. Total number of advance vs decline was 326 vs 177. Of the 30 component index stocks, 20 closed positive, 1 unchanged and 9 in the red. The top 5 gainer component stocks were :-
1. UOB +0.700
2. Kep Corp +0.500
3. OCBC +0.260
4. DBS +0.250
5. SGX +0.160
The top 5 loser component stocks were :-
1. JMH USD -1.170
2. Jardine C&C -0.150
3. HongkongLand USD -0.120
4. SPH -0.040
5. Olam -0.040
US markets fell more than 3% yesterday and Asian bourses were mixed with some managed to rebound from past days of selling but others continued the sell off. Nikkei -3.96%, SSE -7.63% and HSI +0.72%. STI rose +1.51% in higher volume and value with 20 of the 30 index stocks posted gain.
US markets were having a volatile day opening more than 5% in the red, staged an intra-day rebound to around -1.5% before ending the day with a drop of more than 3%. The reason of the volatile and sell off was none other than the China fear issue. For Asian markets it was a mixed day with some having a technical rebound but others like China continued the slide with another more than 7% drop, a 8-month low. There was concern why there is no action from PBOC to address the latest turmoil and that fear continue to drag on China markets. US markets should be staging a technical rebound today like some of the regional markets but so far no positive catalysts can suggest the reversal can be sustainable.
STI finally managed to close positive after past days of selling down as short-covering and bargain hunting lifted the index up but still fail to clear the 2,900 level. The rebound was led by bank stocks but the overall sentiment fails to convince of a sustainable reversal. Singapore will be holding a General Election on 11th Sep 2015 and hopefully that could divert some of the bearish sentiment from the market.
