Tuesday, November 12, 2013

Market Summary -- 12th Nov 13

FTSE STI closed 3,180.25, down 6.47 points or -0.20% with a total volume of 1.82b and a total value of S$981M.  Total number of advance vs decline was 158 vs 244.  Of the 30 component index stocks, 8 closed positive, 5 unchanged and 17 in the red.  The top 5 gainer component stocks were :-

1. HKLand US$  +0.070
2. Wilmar  +0.040
3. Genting SP  +0.025
4. UOB  +0.020
5. NobleGrp  +0.015

The top 5 loser component stocks were :-

1. Jardine C&C  -1.160
2.JMH 400US$  -0.430
3. JSH 500US$  -0.390
4. OCBC  -0.060
5. ST Engg  -0.050

US markets closed positive yesterday but Asian bourses were mixed for the day.  Nikkei +2.23%, SSE +0.82% and HSI -0.73%.  STI moved in narrow range and closed -0.20% in another of those thin volume and value day.  Only 8 of the 30 index stocks registered positive closing.

For US, investors were divided by the strong set of economic data and when US Fed will start to taper.  In Asia, investors with one mind on US and the other on the outcome of the China reform meeting.  As such, Asian bourses were mixed for the day.

STI in another of those thin volume and value day moved in very narrow range.  The fear of possible sooner than expected US Fed tapering has caused several of the yield stocks like S-Reits to be under selling pressure.  Few months ago it was the case but however, thinking in a more rational and logical sense, it is not.  The upside of S-Reits might not be much but even if US Fed starts to taper, the current dividend yield being offered is still attractive, at least to hedge against inflation.  Foreign funds outflow from S-Reits is due to their own agenda but for Singapore investors, it is never be the same.

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