Wednesday, January 22, 2014

Market Summary -- 22nd Jan 14

FTSE STI closed 3,133.74, down 0.02 points or 0% with a total volume of 4.05b and a total value of S$1.18b.  Total number of advance vs decline was 180 vs 234.  Of the 30 component index stocks, 19 closed positive, 1 unchanged and 10 in the red.  The top 5 gainer component stocks were :-

1. Jardine C&C  +0.350
2. Semb Corp  +0.060
3. GLP  +0.040
4. Kep Corp  +0.040
5. HKLand US$  +0.030

The top 5 loser component stocks were :-

1. JMH 400US$  -0.470
2. JSH 500US$  -0.300
3. DBS  -0.220
4. SIA  -0.030
5. SIA Engg  -0.020
5. SGX  -0.020
5. OCBC  -0.020

US markets closed mixed yesterday and Asian bourses were mostly positive for the day.  Nikkei +0.16%, SSE +2.16% and HSI +0.21%.  STI swinging between positive and negative throughout closing flat with moderate volume and thin value.  19 of the 30 index stocks posted gain.

IMF upgraded global economy growth to 3.7% for 2014 and that helped global markets slightly positive.  China market was the better performer for the day after yesterday PBOC stepped in to ease the credit crunch by injecting liquidity.  However, the upside for global markets still cap by the ongoing corporate earning and what actually will happen when US Fed start to taper this month.

STI was the under-performing one for the day compared with regional bourses as most still cautious and staying sideline.  DBS was the one that dragged down STI with a 1.3% drop after news that it is in advance talk to buy SocGen Asia private bank (a deja vu to OCBC putting in a bid for Honk Kong Wing Hang Bank ?).  While the funds are staying sideline for the time being, the punting activity for STI is pretty much predictable, buy on down days and take profit when global markets on the up move.  For the most fundamental stocks, they are still in accumulation mode and just waiting for catalysts to move up.

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