Friday, September 27, 2013

Market Summary -- 27th Sep 13

FTSE STI closed 3,210.18, up 15.87 points or +0.50% with a total volume of 4.38b and a total value of S$1.17b.  Total number of advance vs decline was 227 vs 222.  Of the 30 component index stocks, 19 closed positive, 3 unchanged and 8 in the red.  The top 5 gainer component stocks were :-

1. JMH 400US$  +1.250
2. JSH 500US$  +0.570
3. Jardine C&C  +0.540
4. OCBC  +0.080
5. GLP  +0.040
5. Semb Corp  +0.040
5. SIA Engg  +0.040

The top 5 loser component stocks were :-

1. Kep Corp  -0.070
2. CityDev  -0.040
3. Wilmar  -0.030
4. StarHub  -0.020
5. SGX  -0.020

US markets rebounded last night after 5 straight days of losses.  Asian bourses were mostly positive for the day with Nikkei -0.26%, SSE +0.20% and HSI +0.35%.  STI after 5 days of posting loss finally managed to rebound and close +0.xx%.  As usual volume was moderate and value was thin and xx of the 30 index stocks posted gain.

US weekly job claims fell to 6-year low and US lawmakers still trying  to strike a deal to resolve the potential US Government shutdown and debt ceiling next month.  The rebounded was merely due to oversold rebound as the overall picture still the same.  Asian bourses taking the cue from US markets overnight mostly rebound with exception of Nikkei as Japan reported its inflation rise to 5-year high this morning. 

STI in line with most of the Asian bourses rebounded after 5 straight day of losses but the upwards movement was pretty much resistive.  As usual penny stocks dominated the activity like past days.  Most of the investors are adopting a wait and see approach, waiting for firm and conclusive news.  The underlying momentum of the market is still upwards despite all the cautious. Next Monday will be end of 3Q 2012 in which fund managers should be doing portfolio adjusting, it could be chance for bargain hunting.

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