Friday, April 11, 2014

Market Summary -- 11th Apr 14

FTSE STI closed 3,198.22, down 5.36 points or -0.17% with a total volume of 1.98b and a total value of S$992M.  Total number of advance vs decline was 172 vs 253.  Of the 30 component index stocks, 9 closed positive, 4 unchanged and 17 in the red.  The top 5 gainer component stocks were :-

1. Jardine C&C  +1.070
2. JSH 500US$  +0.410
3. JMH 400US$  +0.360
4. HKLand US$  +0.090
5. Noble Grp  +0.020
5. StarHub  +0.020

The top 5 loser component stocks were :-

1. SIA  -0.110
2. CityDev  -0.100
3. DBS  -0.080
4. OCBC  -0.060
5. SIA Engg  -0.040
5. SingTel  -0.040

US markets fell average 2% last night with Nasdaq suffered a 3% drop.  Asian bourses taking the cue were all in the red for the day with Nikkei -2.38%, SSE -0.18% and HSI -0.79%.  STI in the red but was practically flat in thin volume and value day.  Only 9 of the 30 index stocks managed to post gain.

Profit taking or correction or valuation over-stretched, whatever the reason was, the outcome is the same for US markets despite weekly jobless claims data came in better than expected.  Those who pumped up US stock markets for the past months were doing nothing but chasing the wind and now reality bite !.  Along the way US markets might have a bounce or two but they have more to fall.  For Asia, apart from the sentiment, only 1 economic data that concerned investors for the day and that was China inflation for March.  It rose 2.4% higher than previous month.  While the sentiment was biased towards the downside but selectively for Asia markets, it is bargain hunting opportunity.

STI fell for the 2nd day in a row pretty much tracking regional bourses performance and the thinner volume and value suggesting most preferred to stay sideline for the time being.  Note that, a lot of mentality is "US markets fell, STI will drop too" and it is this mentality that caused the short-seller to come in to punt for short-term gain, the buyers all sideline and it is also this mentality that most will always miss the bargain hunt opportunity.  Next week will see the full swing of Singapore earning season.

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