Monday, July 1, 2013

Market Summary -- 1st Jul 13

FTSE STI closed 3,140.93, down 9.51 points or -0.30% with a total volume of 2.04b and a total value of S$1.05b.  Total number of advance vs decline was 202 vs 222.  Of the 30 component index stocks, 11 closed positive, 2 unchanged and 17 in the red.  The top 5 gainer component stocks were :-

1. Jardine C&C  +0.810
2. JMH 400US$  +0.800
3. JSH 500US$  +0.610
4. Kep Corp  +0.050
5. Genting SP  +0.040

The top 5 loser component stocks were :-

1. UOB  -0.240
2. HKLand US$  -0.190
3. CityDev  -0.170
4. OCBC  -0.150
5. SIA  -0.130

US markets closed mostly lower last Friday due to 1H2013 window dressing.  Asian bourses began the 1st trading day of 2H2013 in a relatively moderate volatile session due to economic data.  Nikkei +1.28%, SSE +0.81% and HSI was closed for holiday.  STI spent most of the day in the red managed to close -0.30% in thin volume and value day.  11 of the 30 index stocks managed to post positive closing.

Japan Tanka survey showed last month manufacturing activities rebounded and China official PMI came in at 50.1, lower than previous month of 50.8 though still in expansion mode.  Regional bourses swung between gain and loss before closing majority in the positive.  In the afternoon EU reported its PMI at 48.8, still in contraction mode but a 16-month high.

STI spending most of the time in the red mostly due to the drag by property and bank stocks as MAS announced new measures to restrict property investors last Friday.  Apart from the property stocks, majority of the stocks were tracking regional bourses.  Though this week is another heavy economic data week especially the US non-farm payroll, investors should focus on earning season which will be starting in 1.5 to 2 weeks time.  In particular the high-yield stocks like S-Reits which have been sold down badly recently and with their earning showing resilience, the yield is again looking relatively attractive.

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