Thursday, May 8, 2014

Market Summary -- 8th May 14

FTSE STI closed 3,247.69, up 11.26 points or +0.35% with a total volume of 1.36b and a total value of S$974M.  Total number of advance vs decline was 221 vs 192.  Of the 30 component index stocks,  16 closed positive, 7 unchanged and 7 in the red.  The top 5 gainer component stocks were :-

1. UOB  +0.400
2. CityDev  +0.110
3. SGX  +0.070
4. Keppel Corp  +0.050
5. SingTel  +0.040
5. Wilmar  +0.040

The top 5 loser component stocks were :-

1. JMH 400USD  -0.750
2. JSH 500USD  -0.270
3. HongkongLand USD  -0.090
4. Jardine C&C  -0.040
5. SIA  -0.030

US markets closed mostly higher yesterday.  Asian bourses were broadly higher for the day with Nikkei +0.93%, SSE +0.26% and HSI +0.42%.  STI rebounded from past days of selling closing +0.35% but in thin volume and value.  16 of the 30 index stocks posted gain.

US Fed Chairman Janet Yellen's testimonial to the US lawmakers suggesting confident in US economy recovery but a little concern of the US housing recovery.  Meanwhile, Russia provided some positive news over the Ukraine tension when it said pulling forces out of Ukraine.  Those positive news led US markets to rebound but not those internet related stocks which still faced selling pressure causing Nasdaq to close in the red.  For Asia, a surprise China trade data helped lifted the bearish sentiment.  For April, both export and import came in +0.9% and +0.8% respectively compared with drop in the month before and expectation of -1.7% and -2.3% respectively.

Though STI was up for the day but participation was thin gauging by the daily volume and most trying to sell off for profit or cut loss with very cautious of bargain hunting.  Those selling were mostly short-term traders and punters.  There might be fear of further downside in the next 2 months but not all stocks warrant a sell.  For every panic selling, there will be valuable bargain opportunity.  Stay focus on the fundamental and will not miss out.

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