Tuesday, March 25, 2014

Market Summary -- 25th Mar 14

FTSE STI closed 3,104.17, down 7.66 points or -0.25% with a total volume of 1.83b and a total value of S$881M.  Total number of advance vs decline was 181 vs 225.  Of the 30 component index stocks, 8 closed positive, 2 unchanged and 20 in the red.  The top 5 gainer component stocks were :-

1. HKLand US$  +0.060
2. Kep Corp  +0.050
3. SIA Engg  +0.040
4. Noble Grp  +0.020
5. OCBC  +0.020
5. SPH  +0.020
5. ST Engg  +0.020

The top 5 loser component stocks were :-

1. JSH 500US$  -0.540
2. JMH 400US$  -0.310
3. Jardine C&C  -0.310
4. UOB  -0.110
5. SIA  -0.060
5. GLP  -0.060

US markets closed down with Nasdaq fell more than 1% due to drag on tech stocks.  Asian bourses were mixed for the day with Nikkei -0.36%, SSE +0.05% and HSI -0.52%.  STI after yesterday rose more than 1% pull back 0.25% in relatively thin volume and value day.  8 of the 30 index stocks posted gain on closing.

The weak China HSBC flash PMI yesterday weighed down US markets leading to investors taking profit and probably fund managers adjusting their portfolio for 1Q window dressing.  As for Asia, it was a different story as the focus now is on whether Chinese Government will dish out stimulus given the continuation weakening of the PMI for past months.  This hope helped Asian markets to close mixed.

STI was on profit taking mode for the day but majority of the stocks still in that range bound mode indicating not much critical event to cause a breakdown or breakout.  While fund managers will be busying adjusting their portfolio for next Monday 1Q window dressing, the core should be focus on next month earning season.

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