Thursday, October 10, 2013

Market Summary -- 10th Oct 13

FTSE STI closed 3,169.91, up 15.07 points or +0.48% with a total volume of 3.28b and a total value of S$1.09b.  Total number of advance vs decline was 288 vs 130.  Of the 30 component index stocks, 20 closed positive, 5 unchanged and 5 in the red.  The top 5 gainer component stocks were :-

1. JSH 500US$  +0.890
2. JMH 400US$  +0.740
3. Jardine C&C  +0.540
4. SGX  +0.080
5. Wilmar  +0.070

The 5 loser component stocks were :-

1. UOB  -0.020
2. THBEV  -0.015
3. HPH Trust US$  -0.010
4. CityDev  -0.010
5. ComfortDelGro  -0.005

US markets closed mixed yesterday as investors were divided between the no resolution to US Government shutdown and debt ceiling issue, and nomination of Janet Yellen to be the next US Fed Chairman.  Asian bourses were also mixed for the day with Nikkei +1.12%, SSE -0.94% and HSI -0.36%.  STI maintained its positive closing with 0.48% in another of those thin volume and value day.  20 of the 30 index of stocks posted gain on closing.

Another day of no solution from US lawmakers and the risk of US default was highlighted by international leaders in pressing US lawmakers to resolve that asap.  It is all about which of the political party blinks first and compromise.  Investors will just have to wait as the clock ticks towards the deadline on 17th Oct.

STI performed better than regional bourses but trading activity was thin as seen by the volume and value.  Though most of the big caps were positive for the day, most of the activities if noticed were on the mid-cap stocks where they rebounded from past days of selling down.  The rebound could be due to fundamental and technical reason and if it is due to technical reason, short-term wise, upside will be capped.  To see more upside will have to hold for longer term due to fundamental reason.  At this moment, stock selection is very important in which only the strongly fundamental one and not those speculative one should be targeted.

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