Thursday, May 29, 2014

Market Summary -- 29th May 14

FTSE STI closed 3,300.71, up 28.87 points or +0.88% with a total volume of 2.05b and a total value of S$1.43b.  Total number of advance vs decline was 282 vs 165.  Of the 30 component index stocks, 27 closed positive, 1 unchanged and 2 in the red.  The top 5 gainer component stocks were :-

1. Jardine C&C  +0.710
2. UOB  +0.500
3. JMH 400USD  +0.240
4. DBS  +0.120
5. SIA  +0.090

The 2 loser component stocks were :-

1. SGX  -0.010
2. ComfortDelGro  -0.010

US markets fell yesterday and Asian bourses were mixed for the day.  Nikkei +0.07%, SSE -0.47% and HSI -0.30%.  STI outperformed regional bourses with a gain of 0.88% in slightly heavier volume and value.  27 of the 30 index stocks posted gain.

After 4 straight days of gain US markets finally fell as investors took profit ahead of tonight GDP data.  Most expecting a negative figure.  For Asia, it was a mixed day.  Japan released its April retail sales data coming in with a drop of 4.4% more than the -3.3% expected as the sales tax hike hit the economy.  For most of Asian bourses, it was profit taking, staying cautious ahead of US GDP data.

STI was on different mind due to very obvious month end window dressing.  The push up of blue chips caused STI to close +0.88%.  Technically, at present value, STI has achieved the target of an inverted head and shoulder breakout which was formed since last December,  Any further upside will be capped at around the 3,320 level, a high that was last achieved in March 2013.  This was the day for those short-term traders/investors to get out before correction kicks in.  When the music stops make sure you are not the one without the chair.


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