Monday, July 29, 2013

Market Summary -- 29th Jul 13

FTSE STI closed 3,236.97, up 0.87 points or +0.03% with a total volume of 1.65b and a total value of S$807M.  Total number of advance vs decline was 125 vs 272.  Of the 30 component index stocks, 10 closed positive, 5 unchanged and 15 in the red.  The top 5 gainer component stocks were :-

1. JMH 400US$  +1.140
2. JSH 500US$  +0.560
3. Jardine C&C  +0.260
4. DBS  +0.030
5. Semb Corp  +0.020
5. SingTel  +0.020
5. ST Engg  +0.020
5. UOB  +0.020

The top 5 loser component stocks were :-

1. Kep Corp  -0.110
2. CityDev  -0.110
3. SIA Engg  -0.070
4. SembMar  -0.030
5. Capitaland  -0.030

US markets recovered from almost 1% drop to close positive last Friday.  Asian bourses were however mostly in the red with Nikkei -3.32%, SSE -1.72% and HSI -0.50%.  STI in line with regional bourses spent most of the day in the red but just edged out a 0.03% gain on close.  Total volume and value was totally thin as compared with past days.  Only 10 of the 30 index stocks managed to register positive closing.

It was a news driven day for Asian markets.  The strengthening of Japanese Yen after last week reported inflation and ahead of corporate earning causing Nikkei to fall more than 3%.  China Government order to investigate Government debt level probably causing some alarms with investors concerning again the Chinese economy ahead of its official PMI later this week.  Those negative news gave every reason for investors in particular short-term to take profit.  This is another of those very much events driven week which US Fed holding its 2-days FOMC meeting starting tomorrow in which investors will probably again looking at when the Fed will start tapering on its QE and this Friday US non-farm payroll data will be highly monitored as this data is now become a factor to decide whether when US Fed will start taper.  All in all, those are no new news.

For STI it was cautious, profit taking and waiting for clearer signals.  Volume has shrank as compared with past 2 days as activities from the 2 recent IPO tone down.  Other than that, most of the stocks were in range bound mode.  STI spent most of the day in the red and on close the 3 Jardine group of stocks pop up to make it a slight gain.  Reliability of having the Jardine group of stocks as STI component ?  Short-term wise might be biased towards downside but it is also the period to monitor for resilient and opportunity.

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