Friday, October 18, 2013

Market Summary -- 18th Oct 13

FTSE STI closed 3,192.90, up 6.28 points or +0.20% with a total volume of 1.71b and a total value of S$1.04b.  Total number of advance vs decline was 209 vs 189.  Of the 30 component index stocks, 21 closed positive, 2 unchanged and 7 in the red.  The top 5 gainer component stocks were :-

1. Jardine C&C  +0.210
2. JMH 400US$  +0.140
3. SGX  +0.120
4. GLP  +0.060
5. Kep Corp  +0.060
5. SIA  +0.060

The top 5 loser component stocks were :-

1. JSH 500US$  -0.500
2. UOB  -0.100
3. ST Engg  -0.010
4. SingTel  -0.010
5. OCBC  -0.010
5. Capitaland  -0.010

US markets mostly closed positive last night after US Congress agreed on the deal to extend the debt ceiling and US Government reopened.  Asian bourses were mixed for the day with mostly up.  Nikkei -0.17%, SSE +0.24% and HSI +1.06%.  STI continued to move up with another 0.20% gain in thin volume and value day.  21 of the 30 index stocks posted gain.

With the deal to extend the debt ceiling till February 2014, investors temporarily will have a relief from now till then and allow them to refocus back to fundamental.  Today China released its 3Q GDP coming in at +7.8% pretty much in line with expectation and also eased worried that the world number 2 economy is weakening.  That set of data brought positive news to regional bourses allowing most of them to close positive.

STI tracking US performance overnight and regional bourses managed to chalk up another day of gain but in thin volume and value day.  Blue chips managed to move up due to positive global news and pretty much in line earning (for those who have released so far).  Market is now cautiously biased towards to upside apart a great relief from the US debt ceiling saga and just waiting for more blue chips earning to provide the catalysts to move up further.

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