Thursday, June 12, 2014

Market Summary -- 12th Jun 14

FTSE STI closed 3,293.01, up 2.97 points or +0.09% with a total volume of 2.47b and a total value of S$980M.  Total number of advance vs decline was 219 vs 172.  Of the 30 component index stocks, 14 closed positive, 6 unchanged and 10 in the red.  The top 5 gainer component stocks were :-

1. JSH 500USD  +0.390
2. CityDev  +0.110
3. Hongkong Land USD  +0.070
4. Jardine C&C  +0.040
5. Olam  +0.040
5. SPH  +0.040

The top 5 loser component stocks were :-

1. JMH 400USD  -0.090
2. UOB  -0.050
3. SembMar  -0.050
4. ST Engg  -0.030
5. SembCorp  -0.030

US markets closed in the red pulling back from recent record high.  Asian bourses were mostly in the red with Nikkei -0.64%, SSE -0.16% and HSI -0.35%.  STI swinging between gain and loss eventually closed flat with +0.09%.  Volume was moderate but value was thin and 14 of the 30 index stocks posted gain.

No economic data or events except for World Bank cut global growth forecast and that caused US markets to pull back from recent record high.  Is that the beginning of a much delayed correction or just bouncing around remain to be seen.  While some might anticipating for a rebound tonight for US markets, the issue is not the rebound but watching out for any divergence; market moving higher but volume declining.  For Asian, not much of events either resulting in investors taking profit, stay sideline to enjoy the World Cup which starts today.  One interesting observation, gold price is trying to breakout from a mini ascending triangle !

STI was flat but penny and those micro-penny stocks dominated the day activity with punters rotating to punt for quick profit.  While the blue chips might be slowly sliding down, do monitor for stability, watch out for consolidation.  This is the same for those mid-cap fundamental sound stocks.  For the punter stocks, make sure when the music stops, you are not the one not having a chair to sit on.

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