Tuesday, February 11, 2014

Market Summary -- 11th Feb 14

FTSE STI closed 3,029.10, up 11.90 points or +0.39% with a total volume of 1.80b and a total value of S$792M.  Total number of advance vs decline was 288 vs 139.  Of the 30 component index stocks, 21 closed positive, 6 unchanged and 3 in the red.  The top 5 gainer component stocks were :-

1. Jardine C&C  +0.380
2. JMH 400US$  +0.310
3. SIA  +0.280
4. Kep Corp  +0.160
5. Semb Corp  +0.080

The 3 loser component stocks were :-

1. JSH 500US$  -0.100
2. GLP  -0.020
3. Genting SP  -0.010

US markets closed positive yesterday and that caused Asia bourses to trade in the positive region for the day.  Nikkei was closed for holiday, SSE +0.84% and HSI +1.78%.  STI continued to move up from past days with +0.39% closing in rather thin volume and value.  21 of the 30 index stocks posted gain.

There wasn't any critical economic data yesterday but investors were awaiting for tonight new US Fed Chairman's Janet Yellen policy report to lawmakers.  The general sentiment was rather positive ahead of her speech probably anticipating some comforting comment to ease the recent concerns on emerging markets, Fed tapering and view on US economic going forwards.

STI continued to rebound but with thin volume and that was a bit of concern how far this rebound can go as most still sideline.  Earning season will be coming to an end in another 1 to 2 weeks time and thereafter it will be global economic events that will occupy the market.  Not to mention fund managers will again balancing their portfolio.  So far there wasn't any deeply negative corporate earning as most of them fell within expectation and that would mean STI would be in range bound mode until the next earning season in April.  However, any unexpected global economic events could swing STI to either side.  Should that happen, most important is to look at the underlying fundamental.

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