Wednesday, April 30, 2014

Market Summary -- 30th Apr 14

FTSE STI closed 3,264.71, up 26.97 points or +0.83% with a total volume of 1.68b and a total value of S$1.63b.  Total number of advance vs decline was 204 vs 206.  Of the 30 component index stocks, 16 closed positive, 6 unchanged and 8 in the red.  The top 5 gainer component stocks were :-

1. JMH 400USD  +0.860
2. UOB  +0.580
3. Jardine C&C  +0.370
4. OCBC  +0.180
5. DBS  +0.100

The top 5 loser component stocks were :-

1. JSH 500USD  -0.400
2. CityDev  -0.240
3. SIA Engg  -0.040
4. ST Engg  -0.030
5. Sembcorp Ind  -0.030
5. Keppel Corp  -0.030

US markets closed average +0.5% last night and Asian bourses were mixed for the day.  Nikkei +0.11%, SSE +0.30% and HSI -1.42%.  STI closed +0.83% in thin volume and moderate value with 16 of the 30 index stocks posted gain.

With anticipation of US Fed will be taper another US$10b/month for the bond purchase to US$45b/month and maintaining that low interest rate will remain for the moment in tonight US Fed FOMC meeting outcome, US markets moved up.  For Asia, it was different story as BOJ concluded its meeting today lowering GDP forecast and monetary policy remained status quo.  Investors were cautious of tonight US Fed FOMC meeting and tomorrow China economic data.  Those markets with gain were capped despite the positive lead from US markets overnight.

For STI, a better than expectation set of earning for OCBC and DBS (with UOB set to release its after market close), the 3 local bank stocks helped rallied STI outperforming regional bourses.  Apart from that, broader market was pretty quiet as investors were not willing to take up positions ahead of tomorrow holiday given that couple of important events happening tonight and tomorrow.

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