Wednesday, January 8, 2014

Market Summary -- 8th Jan 14

FTSE STI closed 3,150.65, up 29.77 points or +0.95% with a total volume of 3.77b and a total value of S$1.14b.  Total number of advance vs decline was 209 vs 234.  Of the 30 component index stocks, 23 closed positive, 5 unchanged and 2 in the red.  The top 5 gainer component stocks were :-

1. JMH 400US$  +0.640
2. JSH 500US$  +0.540
3. UOB  +0.380
4. DBS  +0.330
5. Jardine C&C  +0.330

The 2 loser component stocks were :-

1. SembMar  -0.020
2. CapitaMall  -0.005 

US markets finally managed to close positive for 2014 with at least +0.6% after better than expected trade data.  Asian bourses taking the cue were mostly positive for the day.  Nikkei +1.94%, SSE -0.15% and HSI +1.25%.  STI posted perhaps the strongest single day gain in past months with +0.95% closing in moderate volume but relatively weak value.  23 of the 30 index stocks registered gain.

US trade deficit narrowed more than forecast fueled the optimism of US economy recovering ahead of the ADP job number tonight, Fed minutes tomorrow and Friday non-farm payroll.  Earning season also start tomorrow for US.  The optimism from Walls Street however still feel mixed for Asia with emerging markets still weak as most funds are skipping them at the moment.  China CPI data will also be released tomorrow. 

STI recorded probably the largest single day gain for the past month with the help of the blue chips popping up.  Board market still mixed with the micro-penny stocks undergoing sell pressure (after rallying for past weeks) and penny mixed.  For the micro-penny, a target for the punters, be extremely cautious now.  If it is not just plain profit taking, one can get stuck by catching falling knife.  For the penny, the coming corporate earning is the key to differentiate among the good and the bad.

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