Friday, July 6, 2012

Market Summary -- 6th Jul 12

FTSE STI closed 2,978.55, up 7.08 points or +0.24% with a total volume of 1.50b and a total value of S$1.06b.  Total number of advance vs decline was 239 vs 137.  Of the 30 component index stocks, 13 closed positive, 11 closed negative and 6 remained unchanged.  The top 5 gainer component stocks were :-

1. Jardine C&C  +0.470
2. F&N  +0.150
3. Capitaland  +0.080
4. DBS  +0.080
5. HKLand US$  +0.040
5. SIA  +0.040

The top 5 loser component stocks were :-

1. JMH 400US$  -0.280
2. JSH 500US$  -0.100
3. CityDev  -0.060
4. Wilmar  -0.020
5. StarHub  -0.020
5. GLP  -0.020

US markets closed mostly in the red after a mixture of good and bad economic data and events.  ADP and jobless claims data were better than expected while service ISM data fell.  Asian bourses were mixed for the day with Nikkei closed -0.65%, SSE +1.01% and HSI -0.04%.  STI reversed earlier loss and closed +0.24% in moderate volume and value.  13 of the 30 index stocks posted positive closing.

It was all about The Three Musketeers yesterday when "All for One and One for All" dominated the headlines.  ECB as expected cut interest rate to 0.75%, BOE rolled out QE and China did a surprise interest rate cut.  Those were good news but comment from ECB citing downside risk remains dampen investors sentiment.  Investors will also be watching tonight US unemployment data and given that the ADP number came out better than expected, there will be a case tonight the employment data will not be that bad.  However, for investors who are eying for US Fed QE3, that will not be a good news.  Should the data be good, chances for US Fed to launch QE3 will reduce.  It all depends which side of the glass you opt to be in.

For STI funds are ramping up stock prices ahead of earning season.

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