Monday, June 23, 2014

Market Summary -- 23rd Jun 14

FTSE STI closed 3,257.40, down 1.40 points or -0.04% with a total volume of 1.85b and a total value of S$805M.  Total number of advance vs decline was 187 vs 254.  Of the 30 component index stocks, 13 closed positive, 7 unchanged and 10 in the red.  The top 5 gainer component stocks were :-

1. Jardine C&C  +0.180
2. Olam  +0.090
3. HongkongLand USD  +0.050
4. SembMar  +0.020
5. SGX  +0.020
5. SPH  +0.020
5. UOB  +0.020

The top 5 loser component stocks were :-

1. JMH 400USD  -0.820
2. JSH 500USD  -0.120
3. CityDev  -0.110
4. Sembcorp  -0.040
5. StarHub  -0.030

US markets closed higher last Friday  with both DJ and S&P500 ending at record high.  Asian bourses were however mostly lower.  Nikkei +0.13%, SSE -0.11% and HSI -1.68%.  STI swinging between gain and loss and eventually closed flat with thin volume and value.  13 of the 30 index stocks posted gain.

Sentiment rather than fundamental pushed US markets to record high.  It probably will take 1 economic news or events that will trigger a much overdue correction when all the funds who were so bullish will rush for the exit door.  For Asia, it was mixed performance with mostly down despite upbeat China HSBC flash PMI for June showed expansion after 6 months of contraction.  Data came in 50.8 vs 49.5 in May.  However, that failed to maintain positive in most Asian bourses as concern on the Iraq violence weighed on.

For STI, the upbeat China data failed to excite and May inflation data as released this afternoon came in at +2.7% further dampen the sentiment.  With most sideline and main activity was punters punting on the penny stocks, the big cap stocks do nothing but track regional bourses, ie mostly going down.  The negative opening of European bourses also didn't help much in the afternoon session either.  While most will be wondering where the bottom will be, the smart one will be quietly accumulating on weakness.

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