Friday, May 23, 2014

Market Summary -- 23rd May 14

FTSE STI closed 3,278.02, up 12.36 points or +0.38% with a total volume of 1.61b and a total value of S$1.11b.  Total number of advance vs decline was 246 vs 157.  Of the 30 component index stocks, 19 closed positive, 5 unchanged and 6 in the red.  The top 5 gainer component stocks were :-

1. JSH 500USD  +0.640
2. Jardine C&C  +0.340
3. ComfortDelGro  +0.130
4. Hongkong Land USD  +0.130
5. CityDev  +0.120

The top 5 loser component stocks were :-

1. SPH  -0.030
2. SingTel  -0.030
3. Wilmar  -0.020
4. UOB  -0.020
5. SIA Engg  -0.020

US markets finished positive yesterday and Asian bourses taking the cue were positive for the day.  Nikkei +0.87%, SSE +0.66% and HSI +0.05%.  STI rose 0.38% in relatively thin volume and value.  19 of the 30 index stocks posted gain.

US reported a lower weekly jobless claims data yesterday and with little events on focus, that firm data lifted the sentiment causing US markets to rise for the 2nd day in a row.  However, upside for them could be really limited now given that their levels are pretty much at or near record high.  Asian markets have little news except for Thailand in which the Thai Army temporary took over the Government yesterday to sort of stabilize the political uncertainties.  Rest of Asia were positive taking the lead from US markets.  There will be EU election over the weekend together with Ukraine election.  That could create some events next week should the outcome fell below expectation.

STI was up for the day through short-covering and selective bargain hunt ahead of the weekend.  Investors will also be watching for whether they will be a month end window dressing next week before the summer break kick in next month and not to mention start of World Cup.  Should there be a rally, it is not for one to chase but rather take profit and then wait for the next 1.5 to 2 months to bargain hunt.

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