Wednesday, June 11, 2014

Market Summary -- 11th Jun 14

FTSE STI closed 3,290.04, down 3.78 points or -0.11% with a total volume of 2.57b and a total value of S$1.06b.  Total number of advance vs decline was 160 vs 260.  Of the 30 component index stocks, 12 closed positive, 7 unchanged and 11 in the red.  The top 5 gainer component stocks were :-

1. JMH 400USD  +0.660
2. Jardine C&C  +0.540
3. JSH 500USD  +0.180
4. CityDev  +0.090
5. SIA  +0.030

The top 5 loser component stocks were :-

1. GLP  -0.090
2. Hongkong Land USD  -0.060
3. UOB  -0.050
4. Olam  -0.030
5. SPH  -0.020
5. DBS  -0.020

US markets closed flat yesterday with DJ hitting fresh high while S&P500 dipped slightly.  Asian bourses were also mixed for the day with Nikkei +0.50%, SSE +0.12% and HSI -0.25%.  STI continued with yesterday drop with another 0.11% pull back in moderate volume but thin value.  12 of the 30 index stocks posted gain.

US markets at record high but with little events to look forwards to.  Question will be how much longer can US markets hold on to those high before everything fall.  The biased is towards the downside despite all those record closing high.  For Asian, some will be looking towards tomorrow BOJ decision.  Mostly likely unchanged from its policy but watch out for when BOJ decides to scale back on its stimulus.  World Bank has cut global growth from 3.2% to 2.8% this year and that probably has some impact on investors taking profit and stay cautious.

STI again dominated by penny stocks play as punters punting for quick profit.  The blue chips with little bargain hunting at the moment will be subject to selling pressure whenever market sentiment is on the bearish side.  Question will be can those penny stocks still attract punters play during the world cup period ?  The lull period might be good chance to bargain hunt on the blue chips or those fundamentally sound mid-cap stocks for mid-term play.

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