Friday, June 22, 2012

Market Summary -- 22nd Jun 12

FTSE STI closed 2,828.09, down 2.06 points or -0.07% with a total volume of 1.16b and a total value of S$758M.  Total number of advance vs decline was 144 vs 173.  Of the 30 component index stocks, 8 closed positive, 4 remained unchanged and 18 closed negative.  The top 5 gainer component stocks were :-

1. JMH 400US$  +2.040
2. UOB  +0.150
3. JSH 500US$  +0.130
4. Olam  +0.030
5. Genting SP  +0.015

The top 5 loser component stocks were :-

1. SIA  -0.160
2. KepCorp  -0.110
3. SembMar  -0.100
4. F&N  -0.100
5. SGX  -0.090
5. HKLand US$  -0.090
5. DBS  -0.090

US markets fell average 2% yesterday with concern on global economy growth ( reports of Euro and China PMI data still weak ) and a no-show from US Fed.  Asian bourses taking the cue all in the red for the day.  Nikkei closed -0.29%, SSE -1.40% and HSI -1.40%.  STI fell 1% on open but managed to crawl back some gain to close flat at -0.07% in a thin volume day.  Only 8 of the 30 index stocks managed to register positive closing.

Selling down due to no-show from US Fed is irrational and illogical.  Concern on weak global economy growth is not something new and has been a talking point for months which led to global leaders all thinking solution to stimulate growth.  The selling down today is an opportunity to buy on dip for the coming EU Summit, 1H window dressing and next month earning season.

Note  to investors, only target stocks with good and solid fundamental.

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