Monday, March 26, 2012

Market Summary -- 26th Mar 12

FTSE STI closed 2,974.50, down 15.58 points or -0.52% with a total volume of 1.46b and a total value of S$1.02b.  Total number of advance vs decline was 148 vs 206.  Of the 30 component index stocks, 4 closed positive, 5 remained unchanged and 21 closed negative.  The 4 gainer component stocks were :-

1. JMH 400US$  +0.150
2. HKLand US$  +0.010
3. Wilmar  +0.010
4. GoldenAgr  +0.005

The top 5 loser component stocks were :-

1. Jardine C&C  -0.430
2. CityDev  -0.210
3. DBS  -0.120
4. F&N  -0.080
5. SembCorp  -0.070
5. UOB  -0.070
5. KepCorp  -0.070
5. OCBC  -0.070

US markets closed average +0.25% last Friday.  Asian bourses were practically directionless for the day with Nikkei closed +0.07%, SSE +0.05% and HSI 0%.  STI closed -0.52% worse performing than regional bourses in thin volume day with only 4 of the 30 index stocks managed to register positive closing.

Not much of a news at the moment to drive the market and therefore in general markets directionless.  Singapore reported a below expectation February Manufacturing Output data today coming in +12.1% vs +15% expected and that damper the sentiment of the STI.  In the later afternoon, the flattish European bourses also provided not much of a sentiment resulting in STI sinking into the red on close.

Many are expecting a quarterly window dressing in the last day of the month but don't over expect it.  Global markets have risen quite substantially since the turn of the year, fund managers who bought in during the early part of the year are pretty much sitting on profit with their portfolio and not much of an incentive to further window dress their portfolio for 1Q2012.  STI weakness are seen in weak holders getting nervous trying to cash out during any up movement and fund managers with no further incentive to add on to their existing portfolio are sitting sideline to wait for further confirmation.

This is a period whereby strong holders with the patience and financial muscle should survive and be rewarded.

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