Daily Report

The market was quite bad. It gap down and opened at 2975 following the Goldman Sachs news, SIA news as well as the drop from the US market last friday. The bank counters and air flights are greatly affected. Cosco was performing strongly with high volume in the morning but it couldn't hold and dropped later in the afternoon.

Due to Beijing tightening of housing and property policies, a lot of property counters were affected. Eg, C31, Capitaland and Yanlord.
Yangzijiang and Bakertech resume trading today.

STI dropped below the psychological level of 3000. Although the market sentiments is not very good now, however, the report from our house analyst mentioned that this does not signify a major correction but expect the corrrection to be around May-June, world cup season. (Honestly, as a woman, i cannot believe that the world cup can actually have such a major impact on the stock market) :>

Pullback in Singapore shares in wake of falls in U.S. stocks Friday sends STI back below 3000 mark; index last down 1.2% at 2972.30, immediate support at last week's low of 2953. Stocks in broader market just as weak, with most FTSE ST sub-indexes negative, market breadth at 6 decliners for every gainer. "The short-term (picture) is not so good, (although) short-term weakness could turn into a buying opportunity," says Phillip Securities technical analyst Phua Ming-Weii; adds "the long-term picture still remains positive due to the improving economies, better S&P 500 earnings quarter-on-quarter, and a favourable yield curve." Singapore Airlines (C6L.SG) top percentage decliner among blue chips, down 2.7% at S$15.10, on concerns over Europe flight disruptions. CapitaLand (C31.SG) off 2.2% at S$4.01 as prospect of slower home sales in China weighs.