Thursday, December 12, 2013

Market Summary -- 12th Dec 13

FTSE STI closed 3,059.04, down 1.70 points or -0.06% with a total volume of 1.94b and a total value of S$1.05b.  Total number of advance vs decline was 155 vs 189.  Of the the 30 component index stocks, 10 closed positive, 2 unchanged and 18 in the red.  The top 5 gainer component stocks were :-

1. UOB  +0.200
2. DBS  +0.040
3. GLP  +0.040
4. SIA Engg  +0.040
5. CapMallsAsia  +0.030

The top 5 loser component stocks were :-

1. JMH 400US$  -1.310
2. JSH 500US$  -0.800
3. Jardine C&C  -0.320
4. CityDev  -0.120
5. HKLand US$  -0.080

US markets fell at least 1% on average yesterday despite the news of US lawmakers reached a deal on the budget for the next 2 years.  Asian bourses continued the sell down with Nikkei -1.12%, SSE -0.06% and HSI -0.51%.  STI fell to 3-month low in the earlier session but managed to bounce off and closed flat in those typical volume and value day.  10 of the 30 index stocks registered positive closing.

Investors continued to take profit and wary on next week US Fed FOMC meeting in which most increased the chance of a possible tapering this month.  With not much of economic data to offset that worries, global markets were in bearish mode for the day.

STI fell to 3-month low earlier this morning but managed to recover most of those losses in the afternoon session as bargain hunting coming in.  Whether it is real bargain hunting or technical rebound from support, it is debatable.  Would rather investors in general to consider the fundamental and valuation and ignore the view of technical analysis.  Very much one will miss the bottom if considering with technical analysis.  Valuation wise, selectively stocks were in cheap valuation especially the S-Reits with each sell down, the valuation getting cheaper and cheaper.

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