Thursday, June 5, 2014

Market Summary -- 5th Jun 14

FTSE STI closed 3,279.64, down 0.53 points or -0.02% with a total volume of 2.03b and a total value of S$1.05b.  Total number of advance vs decline was 246 vs 173.  Of the 30 component index stocks, 14 closed positive, 3 unchanged and 13 in the red.  The top 5 gainer component stocks were :-

1. Jardine C&C  +0.760
2. Olam  +0.150
3. UOB  +0.090
4. Noble  +0.045
5. DBS  +0.030
5. Keppel Corp  +0.030
5. SembMar  +0.030
5. SIA Engg  +0.030
5. ST Engg  +0.030

The top 5 loser component stocks were :-

1. JMH 400USD  -0.470
2. JSH 500USD  -0.420
3. SPH  -0.030
4. SingTel  -0.030
5. Sembcorp  -0.030
5. CityDev  -0.030

US markets closed positive with S&P500 in another record high.  Asian bourses were however mixed with Nikkei +0.08%, SSE +0.79% and HSI -0.18%.  STI practically was flat but volume was higher than past days.  14 of the 30 index stocks posted gain.

With anticipation of ECB will act today, US markets moved up but Asian bourses were more on a cautious note.  Most expect ECB to cut interest rate further to 0.1% so as to weaken the Euro to boost export and to curb the threat of deflation.  As such, despite the cautious market, some were taking a bet, any action could see global markets rally. 

STI was flat, directionless but the higher volume suggested short-covering and selective buying ahead of tonight ECB announcement in anticipation of any news will move the market higher tomorrow.  The prospect of ECB will act today has been talked about for the past 2 months.  Any action is not something surprisingly, the question is whether those actions are deemed enough.

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