Wednesday, February 29, 2012

Market Summary -- 29th Feb 12

FTSE STI closed 2,994.06, up 24.33 points or +0.82% with a total volume of 1.81b and a total value of S$1.90b.  Total number of advance vs decline was 205 vs 197.  Of the 30 component index stocks, 21 closed positive, 4 closed negative and 5 remained unchanged.  The top 5 gainer component stocks were :-

1. JMH 400US$  +2.00
2. JSH 500US$  +0.930
3. Jardine C&C  +0.790
4. SIA  +0.180
5. F & N  +0.090
5. SembCorp  +0.090

The 4 loser component stocks were :-

1. CityDev  -0.130
2. HKLand US$  -0.070
3. SIA Engg  -0.060
4. SembMar  -0.010

US markets closed positive yesterday night with DJ above 13,000 as better than expected consumer confidence offsetting sudden drop in durable goods order.  Asian bourses were mostly positive for the day with Nikkei closed +0.01%, SSE -0.95% led by fall in developers after Shanghai stressing no easing for curbing of 2nd purchase of housing and HSI +0.52%.  STI +0.82% with 21 of the 30 index stocks closing positive in a thin volume day of less than 2 billion.

Bargain hunting and month end window dressing lifting stocks higher and most investors still sideline being cautious.  Investors will be looking at tonight ECB 3-year loan deal to see the amount of money banks borrowing and whether that could be the last.  Furthermore, Thursday and Friday will have EU Summit whereby investors will be looking at whether EU leaders decide to increase the bailout funds as suggested by G20 so that G20 nations could invest in IMF to increase the overall bailout funds to build a better firewall around EU debt nations in particular Italy and Spain.

STI despite the range bound and consolidation phase, already have 17 out of 30 index stocks forming 50d-200d EMA golden cross and hence providing the support for STI in the near term.

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