Friday, June 27, 2014

Market Summary -- 27th Jun 14

FTSE STI closed 3,271.05, down 7.52 points or -0.23% with a total volume of 1.55b and a total value of S$727M.  Total number of advance vs decline was 189 vs 205.  Of the 30 component index stocks, 9 closed positive, 5 unchanged and 16 in the red.  The top 5 gainer component stocks were :-

1. Olam  +0.030
2. KepCorp  +0.020
3. SembCorp  +0.020
4. SIA  +0.020
5. Capitaland  +0.010
5. ComfortDelGro  +0.010
5. SembMar  +0.010
5. SGX  +0.010
5. SingTel  +0.010

The top 5 loser component stocks were :-

1. JMH 400USD  -0.770
2. JSH 500USD  -0.520
3. CityDev  -0.090
4. Jardine C&C  -0.050
5. DBS  -0.050

US markets closed in the red and Asian bourses were mostly in the red too.  Nikkei -1.39%, SSE -0.11% and HSI +0.10%.  STI fell 0.23% in thin volume and value with 9 of the 30 index stocks posted gain.

The sharper than expected 1Q GDP has prompted US Government to revise its 2Q GDP downward and to make thing less positive, one of US Fed member said interest rate could increase sooner than expected.  That provided little sentiment for US markets to move up.  Asian bourses were mostly down after the hawkish remarks by Fed and with weekend just round the corner, there wasn't any incentive to buy up the markets either.  Japan released its May CPI coming in at +3.4%, in line with expectation and Retail Sales data fell 0.4% better than the expected -1.8%.  However, those failed to excite investors and Nikkei was one of the most hit market for the day sliding 1.39%; partly also due to the strengthening of Yen.

STI stayed negative throughout the day as profit taking, closing off positions for the weekend and lack of buying from investors prevented STI to move higher.  Again the punter stocks dominated the day activity while the big and mid cap stocks were pretty much muted.  Next Monday should see some 1H window dressing, should prices moved up, there is nothing to chase about and should prices drop, will be bargain hunting opportunity for next month earning season.

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