Friday, February 3, 2012

Market Summary -- 3rd Feb 12

FTSE STI closed 2,917.95, up 16.91 points or +0.58% with a total volume of 3.92b and a total value of S$1.69b.  Total number of advance vs decline was 333 vs 188.  Of the 30 component index stocks, 22 closed positive, 6 closed negative and 2 remained unchanged.  The top 5 gainer component stocks were :-

1. OCBC  +0.180
2. Jardine C&C  +0.170
3. CityDev  +0.160
4. UOB  +0.110
5. JMH 400US$  +0.100

The top 5 loser component stocks were :-

1. SIA  -0.390
2. F&N  -0.070
3. SembMar  -0.040
4. SembCorp  -0.040
5. NOL  -0.020

US markets closed mixed yesterday night with DJ slight negative and S&P500 and Nasdaq positive after jobless claims fell more than expected.  Asian bourses were mixed for the day with Nikkei closed -0.51%, SSE +0.77% and HSI +0.08%.  STI in another heavy volume day of almost 4 billion rose 0.58% with 22 of the 30 index stocks registered positive closing.

Investors will be looking at tonight US employment situation.  Do note that the employment data at the moment could be having minimum impact to the market regardless good or bad.  The situation has developed into should be number be a negative one this will put pressure on the Presidential candidate to put creating jobs as their top agenda for end of the year election after US Fed has stressed that its priority is inflation rather than creating jobs.  With that whoever win the President will have to endorse on what he has promised during the election campaign.  Should the job data to be positive this further enhances the fact that US jobs market is improving and not slowing down which could drag US economy back to recession.  The employment figure has more or less become a win-win situation for the stock markets.

From the Europe side, Greece is trying to close the debt swap deal and secure the 2nd bailout fund and Germany leader's visit to China has seen Chinese leader pledging support for the support of the EFSF which is a positive sign for the EU to resolve their crisis.

STI at the moment is trying to break 2,920 resistance level.  With such heavy volume pass days, it will not be surprised it is able to break.  Do watch out for more golden cross formation of the index stocks which currently stands at 10 out of 30.

As again, do not maintain overly optimistic or pessimistic to current market.  Now it is bias towards cautiously optimistic.

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