Friday, August 2, 2013

Market Summary -- 2nd Aug 13

FTSE STI closed 3,254.13, up 10.84 points or +0.33% with a total volume of 2.10b and a total value of S$1.18b.  Total number of advance vs decline was 190 vs 221.  Of the 30 component index stocks, 17 closed positive, 5 unchanged and 8 in the red.  The top 5 gainer component stocks were :-

1. DBS  +0.300
2. Jardine C&C  +0.300
3. HKLand US$  +0.200
4. UOB  +0.120
5. OCBC  +0.080

The top 5 loser component stocks were :-

1. JMH 400US$  -1.130
2. JSH 500US$  -0.710
3. SembMar  -0.140
4. SIA Engg  -0.070
5. Kep Corp  -0.060

US markets rose average 1% yesterday after better than expected data in ISM and weekly jobless claims.  Asian bourses taking the cue were up for the day with Nikkei rallied 3.29%, SSE +0.02% and HSI +0.46%.  STI in line with regional bourses continued from yesterday rose another 0.33% in however thin volume and value.  17 of the 30 index stocks posted gain.

Tonight will be much awaited US non-farm payroll data as most seeing this data as a cue for US Fed to signal tapering.  Isolated 1 month data might not conclude anything but a series of continue improvement in the labor market might allow US Fed to start tapering.  Tapering might not be a bad thing given that it means US economy is recovering to a state to be able to standalone without life support.  For those with short-sighted view tapering is not a good news as no more cheap money but from a macro perspective, it is always a welcome news.

STI though was up but with thin volume and value as the usual cautiousness still around as investors not eager to take any position ahead of tonight US non-farm payroll data and over the weekend.  Profit taking was seen across the broad for the day.  Apart from that, pretty much still in range bound.  As earning season will probably end within these 2 weeks, investors should start to look at fundamental from a macroscopic view.

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