Friday, November 29, 2013

Market Summary -- 29th Nov 13

FTSE STI closed 3,176.35, down 10.02 points or -0.31% with a total volume of 1.51b and a total value of S$1.12b.  Total number of advance vs decline was 204 vs 192.  Of the 30 component index stocks, 11 closed positive, 2 unchanged and 17 in the red.  The top 5 gainer component stocks were :-

1. Jardine C&C  +0.370
2. DBS  +0.040
3. CapMallsAsia  +0.030
4. HKLand US$  +0.030
5. Kep Corp  +0.030

The top 5 loser component stocks were :-

1. JMH 400US$  -0.350
2. UOB  -0.270
3. CityDev  -0.080
4. SIA  -0.070
5. Wilmar  -0.060

US markets were closed yesterday for Thanksgiving holiday and Asian bourses for the day were focused on fund managers doing month and year end window dressing despite some economic data coming out from Japan.  Japan inflation for October edged up to 0.9% hitting a new 5-year high (on target to move away from decades of deflation) and its jobless rate for October at 4%.  However, Asian bourses were mixed for the day with Nikkei -0.41%, SSE +0.05% and HSI +0.39%.  STI unable to perform on the last day of the month coming in at -0.31% in thin volume but slightly higher value due to fund managers window dressing.  11 of the 30 index stocks posted gain.

STI theme for the day was fund managers window dressing for month and year end.  With obvious that funds flowing back to US markets (so that they could chase the record high US indices in order not to under perform) the outcome was simple, sell.  Though some of the funds who still believe in STI will beef up the stock prices but overall the selling was more than buying.  Once the funds selling dry up within the next few weeks, can expect STI to bottom there.  

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