Monday, March 24, 2014

Market Summary -- 24th Mar 14

FTSE STI closed 3,111.83, up 38.44 points or +1.25% with a total volume of 2.10b and a total value of S$1.02b.  Total number of advance vs decline was 284 vs 179.  Of the 30 component index stocks, 25 closed positive, 3 unchanged and 2 in the red.  The top 5 gainer component stocks were :-

1. JMH 400US$  +2.760
2. JSH 500US$  +0.550
3. UOB  +0.270
4. DBS  +0.240
5. SIA  +0.230

The 2 loser component stocks were :-

1. SIA Engg  -0.070
2. THBEV  -0.005

US markets closed in the red last Friday and Asian bourses however were all positive for the day.  Nikkei +1.76%, SSE +0.91% and HSI +1.91%.  STI tracking regional bourses was up 1.25% in moderate volume and value.  25 of the 30 index stocks posted gain.

It was profit taking for Wall Streets last Friday but a different picture for Asian bourses despite some downbeat down from China.  HSBC China flash PMI for March came in at 48.1 compared with 48.5 in February, contracting for the third straight month.  However, investors' reaction to that rather muted as Asian bourses were all positive for the day.  Couple of things to watch for this week , economic data, G7 meeting in which Ukraine issue will be raised and 1Q window dressing.

STI rose 1.25% but lack of volume and value.  Bargain hunters, short-covering and fund managers preparing for 1Q window dressing next Monday were all at works.  However, the one that should be focus on will be positioning for next month earning season.

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