Friday, September 13, 2013

Market Summary -- 13th Sep 13

FTSE STI closed 3,120.30, down 0.78 points or -0.02% with a total volume of 5.85b and a total value of S$1.42b.  Total number of advance vs decline was 182 vs 277.  Of the 30 component index stocks, 13 closed positive, 4 unchanged and 13 in the red.  The top 5 gainer component stocks were :-

1. SIA  +0.210
2. UOB  +0.210
3. ST Engg  +0.080
4. SPH  +0.060
5. SGX  +0.030

The top 5 loser component stocks were :-

1. JMH 400US$  -0.600
2. JSH 500US$  -0.500
3. Jardine C&C  -0.340
4. NobleGrp  -0.050
5. Olam  -0.035

US markets closed in the red yesterday with average -0.2%.  Asian bourses were mostly in the red for the day with Nikkei +0.12%, SSE -0.86% and HSI -0.17%.  STI swinging between gain and loss, closed flattish in another of those heavy volume but thin value day.  13 of the 30 index stocks registered positive closing.

Not much of the news and investors were focusing on next week US Fed FOMC meeting with an inclination of a tapering in mind getting cautious in the stocks markets.  Profit taking was seen after past days of run up.  It is not so much of whether US Fed will taper this month but rather the detail and what will happen to the economy in a post tapering environment.  US Fed should aware of too aggressive tapering will do no good and a temporary dip should be expected from economy after post tapering.

STI was directionless for the day as most focused on penny stocks to punt resulting in high daily volume.  Most were cautious on the blue chips ahead of US Fed FOMC meeting next week.  For the penny stocks, half of those were speculating and punting play while the other half were catching up due to fundamental.  Should identify which is which to avoid being caught.

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