Thursday, February 20, 2014

Market Summary -- 20th Feb 14

FTSE STI closed 3,086.64, down 2.15 points or -0.07% with a total volume of 1.61b and a total value of S$928M.  Total number of advance vs decline was 183 vs 225.  Of the 30 component index stocks, 11 closed positive, 4 unchanged and 15 in the red.  The top 5 gainer component stocks were :-

1. Semb Corp  +0.110
2. UOB  +0.100
3. HKLand US$  +0.080
4. SIA  +0.080
5. DBS  +0.060

The top 5 loser component stocks were :-

1. Jardine C&C  -1.250
2. JMH 400US$  -0.930
3. JSH 500US$  -0.880
4. CityDev  -0.110
5. SembMar  -0.060
5. Kep Corp  -0.060

US markets closed negative with at least 0.5% drop after US Fed minutes.  Asian bourses taking the cue were in the red.  Nikkei -2.15%, SSE -0.18% and HSI -1.19%.  STI though in the red but performed better than regional bourses with only 0.07% drop with thin volume and value.  Only 11 of the 30 index stocks posted gain.

US Fed FOMC minutes for last month indicated that they were planning for further tapering despite the recent emerging markets rout.  That perhaps disappointed investors in anticipation of another round of tapering will occur in the next FOMC meeting.  Asia today apart from taking cue from US was occupied with economic data.  China flash PMI for February showed further slowed down, shrinking for second month to 7-month low to 48.3.  That definitely weighed on investors.

Singapore released its 4Q GDP this morning coming in above expectation at 5.5%.  As such 2013 GDP was revised to 4.1% from earlier estimate of 3.7%.  That was one of the bright spot for STI today allowing it to be flat, flared better than regional bourses.  For the broader market, it was a day for punters and short-term traders to take profit or cut loss while bargain hunters were sideline watching how much the market will pull back. 

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