Monday, September 30, 2013

Market Summary -- 30th Sep 13

FTSE STI closed 3,167.87, down 42.31 points or -1.32% with a total volume of 4.63b and a total value of S$1.80b.  Total number of advance vs decline was 103 vs 401.  Of the 30 component index stocks, 5 closed positive, 4 unchanged and 21 in the red.  The 5 gainer component stocks were :-

1. Jardine C&C  +0.660
2. Olam  +0.025
3. SPH  +0.020
4. ComfortDelGro  +0.015
5. SIS  +0.010

The top 5 loser component stocks were :-

1. JMH 400US$  -1.400
2. JSH 500US$  0.870
3. UOB  -0.610
4. OCBC  -0.150
5. Kep Corp  -0.110
5. DBS  -0.110

US markets closed in the red last Friday and Asian bourses were mostly all in the red for the day.  Nikkei -2.06%, SSE +0.68% and HSI -1.50%.  STI fell 1.32% in a thin volume and value day with only 5 of the 30 index stocks posted gain.

It is the countdown to US Government shutdown as no solution was put forwards by US lawmakers and instead the 2 political parties doing the as usual putting party interest ahead of the nation.  This is not something new and in fact it is those same old story again.  The bright spot for today was China PMI data came in at 50.2, better than the month before of 50.1.

STI fell for the day but the thin volume indicating mostly profit taking and even the penny punting activity also toned down for the day as investors and punters are watching what will happen to US next.  In addition, it was the last day of 3Q and fund managers were doing their final portfolio adjustment which mount on the selling pressure.  The US debt ceiling, Government shutdown sounded might be scary as that will affect US economy especially unemployment but that is not something new, something that the 2 political parties have always been doing when encountered national issue, the see who will blink first that kind of attitude.  However, that panic in the global market will definitely present good bargain hunting opportunity to investors who focus very much on fundamental.  Note that is not applicable to US market, there is no cheapness in US markets at all even if those corrected down 15% and even if US lawmakers eventually come out something to avoid the shutdown and debt ceiling.

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