Monday, November 11, 2013

Market Summary -- 11th Nov 13

FTSE STI closed 3,186.72, up 9.47 points or +0.30% with a total volume of 1.68b and a total value of S$832M.  Total number of advance vs decline was 193 vs 238.  Of the 30 component index stocks, 17 closed positive, 2 unchanged and 11 in the red.  The top 5 gainer component stocks were :-

1. Jardine C&C  +0.510
2. JMH 400US$  +0.240
3. JSH 500US$  +0.150
4. Kep Corp  +0.070
5. StarHub  +0.070
5. Wilmar  +0.070

The top 5 loser component stocks were :-

1. UOB  -0.070
2. Genting SP  -0.030
3. GLP  -0.020
4. CapMallsAsia  -0.020
5. Capitaland  -0.020

US markets closed at least +1.% last Friday after the non-farm payroll data.  Asian bourses were mostly positive taking the cue from US markets.  Nikkei +1.30%, SSE +0.16% and HSI +1.43%.  STI managed to rebound from last Friday sell down and closed +0.30% in however thin volume and value day.  xx of the 30 index stocks posted gain.

US created more jobs last month than expected despite the Government partial shutdown for 2 weeks last month.  However, unemployment rate rose to 7.3% from 7.2% due to the shutdown.  That figure was enough to bring some encouragement to the job markets but also risk the option that US Fed could start to taper soonest than expected.  That somehow divided investors.  Over the weekend, investors were also looking at China in which its Government held a reform meeting to analyze on its economic reform progress so far and whether any measures have to be taken to either burst potential bubbles or accelerate any unexpected slow growth.  The meeting started on Saturday and will last 4 days in which tomorrow the outcome of the meeting will be known.

STI managed to rebound from last Friday sell down but with thin volume and value as majority of the investors staying sideline left only short-term punters and bargain hunters being active in the market for the day.  STI was positive for the day but majority of the stocks were still trading at narrow range.  At the moment, downside risk and upside risk probably being equal and investors will have to seriously look into the fundamental to determine the valuation and not by pure technical analysis.

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