Monday, February 6, 2012

Market Summary -- 6th Feb 12

FTSE STI closed 2,940.10, up 22.15 points or +0.76% with a total volume of 3.56b and a total value of S$1.99b.  Total number of advance vs decline was 419 vs 155.  Of the 30 component index stocks, 22 closed positive, 5 closed negative and 3 remained unchanged.  The top 5 gainer component stocks were :-

1. JMH 400US$  +1.270
2. SGX  +0.220
3. SIA  +0.190
4. SembCorp  +0.160
5. JSH 500US$  +0.150
5. KepCorp  +0.150

The 5 loser component stocks were :-

1. Jardine C&C  -0.430
2. SingTel  -0.040
3. OCBC  -0.040
4. F&N  -0.010
5. NOL  -0.005

US markets closed at least +1.2% last Friday after a better than expected unemployment data of 8.3% vs 8.5%.  Asian bourses opened in the positive but closed mixed with Nikkei +1.10%, SSE +0.03% and HSI -0.23%.  STI closed +0.76% in another heavy volume of 3.56b with total value coming close to S$2b.  Of the 30 index stocks, 22 registered positive closing.

While markets cheered the better than expected US job data but to be realistic, shall not be over optimistic as the underlying true is US still have much to do to recover those jobs lost during the 2008 crisis.  The President and the lawmakers will have to maintain current recovery momentum and at the time put in more efforts to create more jobs. 

In the EU side, the Greece debt issue and 2nd bailout still getting not resolve with the deadline getting closer and there are talk that Greece might get default.  The outcome of Greece default should be not something surprising as it has been expected since last year.  However, market might having knee-jerk reaction should such incident occur and this might pose as a buying on dip opportunity.  Do note that Greece default ( and possible kicks out of Euro ) is good for EU and Greece in the long run.

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