Friday, May 2, 2014

Market Summary -- 2nd May 14

FTSE STI closed 3,252.55, down 12.16 points or -0.37% with a total volume of 1.42b and a total value of S$1.24b.  Total number of advance vs decline was 212 vs 228.  Of the 30 component index stocks, 12 closed positive, 3 unchanged and 15 in the red.  The top 5 gainer component stocks were :-

1. DBS  +0.230
2. SGX  +0.080
3. CityDev  +0.070
4. Keppel Corp  +0.070
5. OCBC  +0.070
5. SIA  +0.070

The top 5 loser component stocks were :-

1. Jardine C&C  -0.920
2. JMH 400USD  -0.840
3. UOB -0.260
4. HongkongLand USD  -0.200
5. Wilmar  -0.080

US markets closed mixed yesterday and Asian bourses also closed mixed with Nikkei -0.19%, SSE closed for holiday and HSI +0.57%.  STI fell 0.37% in thin volume with 12 of the 30 index stocks posted gain.

US reported 1Q2014 GDP coming in at 0.1% on Wednesday as US Fed FOMC concluded the 2-days meeting with another tapering of US$10b/month to US$45b/month on its stimulus program.  Yesterday also showed US weekly jobless claims rose ahead of tonight non-farm payroll data.  The stall in 1Q growth was due to the bad winter weathers while the labor market mostly expecting it to remain resilience.  Yesterday, China reported its official PMI for April coming in at +50.4, better than previous month but slight below expectation.

STI after yesterday holiday was on a profit taking session as investors cautious of tonight US non-farm payroll and also closing off positions over the weekend.  Most of the blue chips which moved up Wednesday were seen profit taking dragging STI down.  For broader market, the mid-cap stocks were showing resilient with inertia to moving up further.  For the month of May, in particular short-term traders, stock selection is very important, quality over quantity when trading !

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