Friday, February 28, 2014

Market Summary -- 28th Feb 14

FTSE STI closed 3,110.78, up 14.04 points or +0.45% with a total volume of 1.68b and a total value of S$1.19b.  Total number of advance vs decline was 197 vs 222.  Of the 30 component index stocks, 13 closed positive, 2 unchanged and 15 in the red.  The top 5 gainer component stocks were :-

1. JMH 400US$  +2.800
2. JSH 500US$  +1.290
3. Jardine C&C  +1.150
4. DBS  +0.120
5. CityDev  +0.050
5. THBEV  +0.050

The top 5 loser component stocks were :-

1. Semb Corp  -0.090
2. HKLand US$  -0.090
3. UOB  -0.070
4. SIA Engg  -0.070
5. SGX  -0.060

US markets closed positive with S&P500 hitting new record high.  Asian bourses were mixed with Nikkei -0.55%, SSE +0.44% and HSI +0.04%.  STI swinging between gain and loss eventually closed +0.45% in thin volume and value.  13 of the 30 index stocks posted gain.

Investors felt satisfied with Fed Chairman Janet Yellen's testimonial that recent weak economic data were due to weather condition and tapering will be in measured step.  This provided the spark to allow S&P500 to close at new record high.  As for the recent weak economic data were really due to weather condition this is too early to confirm that.  Asian bourses however reacted differently.  Japan released its CPI coming in at +1.3% in line with expectation and jobless rate remained at 3.7%.  Not much cheer for that as Nikkei fell.  On the other hand, while investors are waiting for China official February PMI tomorrow and next week National People's Congress, China and Hong Kong markets moved higher.

STI for most of the day was muted as most prefer to stay sideline.  Most of the stocks were in range bound with buyers waiting for them to drop lower and sellers taking every up opportunity to sell.  STI will be in range bound till the next earning season in April.

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