Friday, March 28, 2014

Market Summary -- 28th Mar 14

FTSE STI closed 3,172.17, up 9.17 points or +0.31% with a total volume of 2.94b and a total value of S$1.21b.  Total number of advance vs decline was 235 vs 185.  Of the 30 component index stocks, 17 closed positive, 3 unchanged and 10 in the red.  The top 5 gainer component stocks were :-

1. JMH 400US$  +1.240
2. Jardine C&C  +0.450
3. CityDev  +0.210
4. HKLand US$  +0.160
5. Semb Corp  +0.080

The top 5 loser component stocks were :-

1. JSH 500US$  -0.150
2. OCBC  -0.110
3. SIA  -0.050
4. SIA Engg  -0.040
5. THBEV   -0.015

US markets closed lowered yesterday after economic data.  Asia bourses were mixed for the day with Nikkei +0.50%, SSE -0.24% and HSI +1.06%.  STI again closed positive for the fourth day this week with another 0.31% gain in a slightly heavier volume and value than past days.  17 of the 30 index stocks posted gain.

US 4Q GDP came in slightly better than expected at 2.6% and weekly jobless claims continued to fall.  However, those positive economic data failed to ease the concern when 5 of the banks including Citibank failed US Fed stress test.  The financial and tech stocks dragged down US markets.  Asia today saw Japan released its inflation and employment data both came in in line with expectation.  There was also optimism about possible China Government rolling out stimulus next month to boost the growth.  However, do note that do not ever get overly excited about it.  Chinese Government if announces stimulus will be a measured one and tailored to hers own economy (looking after its own citizen as priority) and that kind of "China will save the world" type.  Investors should forget about the mindset of "China will save the world" instead.

STI very positive showing for the day with 4 out of 5 days in the positive.  Market was slightly soften in the late afternoon due to traders squaring off positions over the weekend but nevertheless, the sentiment was positive and biased towards upside.  While short-term traders and punters were closing position for the weekend, fund managers were not taking a break to do final portfolio adjustment for next Monday 1Q window dressing.  A short-term pull back is possible after next Monday window dressing but the game is not over yet as earning season will be next. 

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