Friday, July 19, 2013

Market Summary -- 19th Jul 13

FTSE STI closed 3,213.26, down 4.94 points or -0.15% with a total volume of 2.24b and a total value of S$936M.  Total number of advance vs decline was 164 vs 227.  Of the 30 component index stocks, 11 closed positive, 3 unchanged and 16 in the red.  The top 5 gainer component stocks were :-

1. Jardine C&C  +0.120
2. JSH 500US$  +0.080
3. HKLand US$  +0.070
4. StarHub  +0.060
5. Wilmar  +0.030

The top 5 loser component stocks were :-

1. Kep Corp  -0.150
2. CityDev  -0.110
3. SIA  -0.090
4. UOB  -0.050
5. ST Engg  -0.050

US markets closed positive with another record high after better than expected weekly jobless claims data and US Fed Chairman's testimony.  Asian bourses were mostly negative for the day.  Nikkei -1.48%, SSE -1.52% and HSI +0.08%.  STI failed to sustain the gain for the past 2 days with a -0.15% close.  Only 11 of the 30 index stocks posted gain in another of those high volume but thin value day.

Better than expected jobless claims data indicated strength in US labor market and US Fed Chairman's testimony for the second day remained consistent that the tapering will only happen if and only if conditions met.  It is time to close a chapter on whether when US Fed will taper and focus back to the fundamental.  However, after the bell, several of the US tech companies released missed expectation set of earning and that put a negative sentiment in Asian bourses.  With that, most will expect US markets to be in the red for today.

STI main interest remained in the penny stocks whereby punters punting for quick profit and staying cautious on the big caps as regional sentiment gave no confident in buying those.  Penny stocks might get one the short term gain but if get caught will be painful.  Big caps and those more fundamental sound might be slowly drifting down in the short term due to lack of interest but could be the one providing the long term gain.

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