Monday, December 30, 2013

Market Summary -- 30th Dec 13

FTSE STI closed 3,153.29, up 3.53 points or +0.11% with a total volume of 2.80b and a total value of S$699M.  Total number of advance vs decline was 253 vs 181.  Of the 30 component index stocks, 14 closed positive, 7 unchanged and 9 in the red.  The top 5 gainer component stocks were :-

1. JMH 400US$  +0.170
2. JSH 500US$  +0.170
3. HKLand US$  +0.030
4. CapMallsAsia  +0.020
5. OCBC  +0.020
5. SPH  +0.020

The top 5 loser component stocks were :-

1. Kep Corp  -0.080
2. Jardine C&C  -0.060
3. UOB  -0.030
4. DBS  -0.030
5. CityDev  -0.030

US markets were marginally lower last Friday due to profit taking.  Asian bourses were mixed with Nikkei +0.69%, ending 2013 with +57%, SSE -0.18% and HSI +0.01%.  STI continued the winning streak with +0.11% closing in slightly lower volume and thin value.  14 of the 30 index stocks registered positive closing.

As 2013 is drawing to a close with the last trading day tomorrow, the general market sentiment is positive but with fund managers only return to the markets next year, most of the markets were in thin volume.  As such, some begin to take profit cautious of the upwards movement is unable to sustain with the lacking of volume.  It will be no surprising that global markets could be on a profit taking session on the last very day of 2013 with short-term traders closing position.

STI was up for the day but lack in volume and value as mostly day traders were involved in market activities.  Fund managers will only be back next year and it will not be a surprised that they will be playing catching up to push the market further up  Short term wise, STI might be entering resistive zone but that doesn't mean it is the end of the upwards movement.  From the bigger picture considering valuation, fundamental and global events, there is still room to move up further just that one need to stomach the volatility in the short-term as market goes into profit taking and consolidation.

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