Tuesday, June 4, 2013

Market Summary -- 4th Jun 13

FTSE STI closed 3,291.35, up 0.27 points or +0.01% with a total volume of 3.87b and a total value of S$1.85b.  Total number of advance vs decline was 325 vs 126.  Of the 30 component index stocks, 17 closed positive, 2 unchanged and 11 in the red.  The top 5 gainer component stocks were :-

1. StarHub  +0.130
2. SGX  +0.120
3. CityDev  +0.100
4. ST Engg  +0.080
5. CapitaMall  +0.070
5. SingTel  +0.070

The top 5 loser component stocks were :-

1. JMH 400US$  -0.970
2. JSH 500US$  -0.690
3. DBS  -0.230
4. HKLand US$  -0.160
5. UOB  -0.080

US markets rebounded yesterday with positive closing of at least 0.2% after weak economic data.  Asian bourses were mostly positive for the day with Nikkei +2.05%, SSE -1.15% and HSI +0.01%.  STI started the day in red but managed to crawl back to close slight positive with heavier volume than past days.  17 of the 30 index stocks managed to post positive closing.

US ISM data was weak, showing contraction for May and this gave investors some hope that US Fed might not tapering soon.  There will be also monitoring for non-farm payroll data this Friday.  Asian bourses most managed to rebound from past days of selling due to bargain hunting and short covering.

STI as a whole performed well from broad market.  STI index was weighed down by Jardine group of stocks and banks though.  High-yield stocks that were under heavy selling pressure were seen buying up due to bargain hunting.  Penny stocks also showing positive momentum.  Investors should be by now calm down due to the fear of US Fed tapering.  Rationale overrules irrationale.  Positive momentum is there but upside should be capped as lacking of positive catalysts.

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