Wednesday, July 10, 2013

Market Summary -- 10th Jul 13

FTSE STI closed 3,188.04, up 9.41 points or +0.30% with a total volume of 1.80b and a total value of S$1.12b.  Total number of advance vs decline was 193 vs 203.  Of the 30 component index stocks, 16 closed positive, 2 unchanged and 12 in the red.  The top 5 gainer component stocks were :-

1. DBS  +0.390
2. UOB  +0.280
3. OCBC  +0.200
4. Kep Corp  +0.100
5. CityDev  +0.070

The top 5 loser component stocks were :-

1. JMH 400US$  -1.600
2. Jardine C&C  -0.500
3. JSH 500US$  -0.250
4. SGX  -0.080
5. HKLand US$  -0.070

US markets continued to advance yesterday with positive closing.  Asian bourses however were mixed for the day.  Nikkei -0.39%, SSE +2.17% and HSI +1.07%.  STI up 0.30% in another of those thin volume and value day.  16 of the 30 index stocks posted positive closing.

BOJ maintained its stance on monetary policy without any further move and that probably caused Nikkei to close negative.  China released its trade data this morning with both import and export all fell missing expectation; export fell 3.1% vs +4% and import dropped 0.7% vs +8% but that set of data instead caused SSE to rally 2% as expectation of worse than expected and weak set of data will lead to more monetary easing from Chinese Government.  Another event to watch tonight will be the release of the US Fed minutes from its last month FOMC meeting.  When will US Fed start to taper will be the question investors looking for in the minutes.  Fear for tapering will come ? Fear not, it is a good sign should it taper and if stock markets reacted negatively to it, then cheap bargain will be found.

STI tracking gainer regional bourses marching nearer to the 3,200 level with a +0.30% closing.  The thin volume and value still suggesting cautiousness as they are seeking assurance before coming in.  Focus should be on the coming earning season starting next Monday and with stock prices being battled down lately, any resilient sign of earning will see buying coming in.  Whatever money flew out will eventually flow back in.

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