Monday, November 4, 2013

Market Summary -- 4th Nov 13

FTSE STI closed 3,202.61, up 1.41 points or +0.04% with a total volume of 2.34b and a total value of S$740M.  Total number of advance vs decline was 172 vs 241.  Of the 30 component index stocks, 10 closed positive, 6 unchanged and 14 in the red.  The top 5 gainer component stocks were :-

1. JMH 400US$  +0.410
2. OCBC  +0.100
3. DBS  +0.090
4. JSH 500US$  +0.080
5. SIA  +0.070

The top 5 loser component stocks were :-

1. CityDev  -0.100
2. Wilmar  -0.050
3. Jardine C&C  -0.040
4. HKLand US$  -0.040
5. UOB  -0.020

US markets closed positive but Asian bourses were mixed for the day.  Nikkei was closed for holiday, SSE practically unchanged and HSI -0.26%.  STI swinging between gain and loss in a very narrow range closing flat in thin volume and value day.  Only 10 of the 30 index stocks registered positive closing.

Not much of the news over the weekend except China services sector reported another set of strong data.  While US markets scaling new high, investors were wondering does that really justify by the fundamental given that there are still tonnes of issues needed to iron out in US.  Asian bourses were directionless for the day as investors see no strong catalysts in buying up.  This week will have US GDP and non-farm payroll data. 

For STI it was muted performance across the board.  Penny stocks might have rebounded the past days but that could be purposely being pushed up for those big holders to offload.  For the blue chips, unless fund managers have fresh funds to re-enter, it will just move between specific range for the time being.  There is possibility that fund mangers are currently doing the last selling as end of the year near in which they need to get a nice number for their portfolio.  Their actions do not mean the fundamental is no good but rather they have their short-term objective to meet that is the 'nice figure' at the end of the year for their portfolio.  If such scenario exists, retail investors will have to wait in patience for the price drop to a cheap level and stomach any volatility till end of the year.

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