Thursday, April 17, 2014

Market Summary -- 17th Apr 14

FTSE STI closed 3,253.80, up 0.60 points or +0.02% with a total volume of 1.82b and a total value of S$1.22b.  Total number of advance vs decline was 235 vs 202.  Of the 30 component index stocks, 14 closed positive, 5 unchanged and 11 in the red.  The top 5 gainer component stocks were :-

1. Jardine C&C  +1.310
2. SIA Engineering  +0.070
3. DBS  +0.060
4. Global Logistic  +0.060
5. Capitaland  +0.050
5. CityDev  +0.050

The top 5 loser component stocks were :-

1. Keppel Corp  -0.200
2. SIA  -0.140
3. Sembcorp Ind  -0.080
4. UOB  -0.030
5. HongkongLand USD  -0.030

US markets closed with at least 1% gain yesterday and Asian bourses were mixed for the day.  Nikkei 0.00%, SSE -0.30% and HSI +0.28%.  STI flat with +0.02% closing in thin volume but moderate value.  14 of the 30 index stocks posted gain.

Positive earning from Yahoo and Intel together with US Fed Chairman Janet Yellen's comment in interest rate will remain low for the time being boosted US stock markets with at least 1% gain overnight.  However, after the bell, both Google and IBM reported earning that missed expectation.  For Asian it was profit taking day resulting in mixed performance.  In addition, hope was there for China Government to unveil more stimulus after yesterday +7.4% 1Q2014 GDP.  It will never be wised to hope for more stimulus from Chinese Government and even if have, it will be tailored to benefit domestically only to ensure there isn't unwanted unemployed.  It is time for investors to rub off the idea that "China will save the rest of the world".

STI was on profit taking session given that tomorrow will be a public holiday and investors will prefer to be on the cautious side for the long weekend given that US corporate earning can cause market to volatile and Ukraine issue still largely remained unresolved.  This morning released of March non-oil export data came in worst than expected with a drop of 6.6% vs -0.8% expected.  Though, on the broader market, penny and laggard stocks might be experiencing breakout signal (from the charts), be mentally prepared for any escape plan as STI is due for a short-term pull back. For all we know, tonight could be one of the time for the short-term players to get out with profit.

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