Monday, February 24, 2014

Market Summary -- 24th Feb 14

FTSE STI closed 3,105.84, up 5.91 points or +0.19% with a total volume of 1.91b and a total value of S$904M.  Total number of advance vs decline was 200 vs 235.  Of the 30 component index stocks, 18 closed positive, 1 unchanged and 11 in the red.  The top 5 gainer component stocks were :-

1. Jardine C&C  +0.480
2. JMH 400US$  +0.300
3. SIA Engg  +0.160
4. SingTel  +0.040
5. SPH  +0.040

The top 5 loser component stocks were :-

1. JSH 500US$  -0.300
2. CityDev  -0.080
3. UOB  -0.060
4. DBS  -0.040
5. SIA  -0.030
5. Kep Corp  -0.030

US markets fell at least 0.10% last Friday and Asian bourses were mostly in the red for the day.  Nikkei -0.19%, SSE -1.75% and HSI -0.80%.  STI fared better than regional bourses with a flat closing of +0.19% in thin volume and value day.  18 of the 30 index stocks registered positive closing.

Over the weekend G20 meeting put a surprised outcome to most as G20 leaders set a growth target of 2% above forecast in the next 5 years.  That was pleasing as it suggested the determination of the G20 nations to spur global growth.  However, today news emerged from China dampened the sentiment.  Property stocks in SSE and HSI were facing selling pressure after concern that some banks are cutting off financing to the property sector.  That sentiment spread among regional bourses causing most to close in the red.

STI managed to edge out regional bourses with a flat closing, above the 3,100 level though volume and value were thin.  Investors were still digesting last Friday Singapore Government budget and Singapore January CPI also released this morning.  January CPI rose 1.4% y-o-y slowing down from December's 1.5% and that put off some concern of rising inflation for the time being.  While STI was flat for the day, most of the day activity was on the micro-penny stocks which punters punting for quick profit.  Today was also the first day SGX introduced circuit-breaker in which a movement of 10% (up or down) or more will trigger a trading halt temporary.  It was safeguard that supposed to be implement way way back.  In general stocks were undergoing profit taking as people now start to question the sustainability of the recent rebound given the lack of volume.  That is one thing but should not overlook the basic fundamental.

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