FTSE STI closed 2,873.00, down 13.29 points or -0.46% with a total volume of 2.33b and a total value of S$1.54b. Total number of advance vs decline was 225 vs 268. Of the 30 component index stocks, 10 closed positive, 2 unchanged and 18 in the red. The top 5 gainer component stocks were :-
1. HongkongLand USD +0.260
2. CityDev +0.200
3. SIA +0.120
4. UOB +0.110
5. SIA Engg +0.080
The top 5 loser component stocks were :-
1. JMH USD -0.890
2. Jardine C&C -0.440
3. JSH USD -0.360
4. DBS -0.250
5. Kep Corp -0.210
US markets closed in the red again yesterday and Asian bourses were mixed for the day with Nikkei +3.20%, SSE -1.30% and HSI -1.52%. STI swinging between gain and loss eventually closed -0.46% in moderate volume and value with 10 of the 30 index stocks posted gain.
US markets opened at least +2% yesterday after PBOC announced interest rate cut and lowering of RRR but faded during the last hour of trading sending them to negative closing. Asian markets initially reaction to China latest monetary policy were rather muted with a mixed performance. China market despite the move still close in the red. The latest move by PBOC to combat the slow down should not be considered as measure to salvage the trumbling market but addressing the economy slow down. However, that move might have come a bit too late as potentially, global economy is getting the hit now. Obviously, investors were not convince about the latest move as global stock markets still face the selling pressure.
STI opened lower after yesterday rebound but managed to swing back to gain and at one point move above the 2,900 level but fail to hold on to those gain eventually closed -0.46%. That is not surprising at all given that current event is global and not isolated cases and Singapore economy will get hit first in this region with the possible of getting into a technical recession next. Until it is clear and convince that a technical recession can be avoided, STI will have little strength to move pass 2,950 level.
