Monday, June 10, 2013

Market Summary -- 10th Jun 13

FTSE STI closed 3,200.51, up 15.79 points or +0.50% with a total volume of 2.70b and a total value of S$1.35b.  Total number of advance vs decline was 145 vs 280.  Of the 30 component index stocks, 18 closed positive, 1 unchanged and 11 in the red.  The top 5 gainer component stocks were :-

1. JSH 500US$  +0.570
2. JMH 400US$  +0.230
3. Kep Corp  +0.140
4. DBS  +0.120
5. HKLand US$  +0.100

The top 5 loser component stocks were :-

1. Jardine C&C  -0.870
2. ComfortDelGro  -0.055
3. CityDev  -0.040
4. SPH  -0.030
5. UOB  -0.030

US markets rose at least 1.3% last Friday after a satisfaction set of non-farm payroll data.  Asian bourses were mostly positive for the day.  Nikkei +4.94%, SSE closed for holiday and HSI +0.18%.  STI climbed 0.50% in a thin volume and value day.  18 of the 30 index stocks posted positive closing.

US created more than expected number of jobs last month and unemployment rate rose 0.1% to 7.6%.  It was a set of data in which investors were satisfy with.  Not a very bad set of data indicating US labor market still very weak and not a strong set of data that could trigger US Fed starts tapering soon.  Asian bourses taking the cue from strong US session last Friday and mostly traded in positive region.  Nikkei jumped almost 5% after its largest pension funds indicating it is selling bonds and shifting into equity markets.  China over the weekend reported economic data of import, export and inflation came in weak which worrying investors on China state of economic growth.

STI rose 0.50% but that was pretty much restricted to the blue chips and index stocks.  Broad market still undergoing selling pressure and it will not be surprising one last capitulation could be on the way before whole market bottom out.  These 2 weeks should be seeing that.

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