Friday, June 6, 2014

Market Summary -- 6th Jun 14

FTSE STI closed 3,299.43, up 19.79 points or +0.60% with a total volume of 1.86b and a total value of S$1.07b.  Total number of advance vs decline was 247 vs 176.  Of the 30 component index stocks, 24 closed positive, 2 unchanged and 4 in the red.  The top 5 gainer component stocks were :-

1. JMH 400USD  +0.910
2. JSH 500USD  +0.570
3. Jardine C&C  +0.400
4. UOB  +0.370
5. ComfortDelGro  +0.100

The 4 loser component stocks were :-

1. Hongkong Land USD  -0.090
2. Olam  -0.030
3. SIA Engg  -0.010
4. Noble  -0.005

US markets rose at least 0.60% yesterday with S&P500 hitting another new high.  Asian bourses were however mostly down for the day.  Nikkei -0.01%, SSE -0.54% and HSI -0.69%.  STI outperformed regional bourses with a 0.60% gain but with thin volume and value.  24 of the 30 index stocks posted gain.

As expected ECB did act by cutting the interest rate from 0.25% to 0.15% and it also reveal couples of other measures (except doing a QE3 like US Fed) to fight the threat of deflation and spur growth.  As such, US markets rallied with that news.  Asia markets as expected have the knee-jerk reaction in the initial part of the trading with gain but most gave up the gain and ending up in the red.  Some might say investors taking cautious ahead of tonight US non-farm payroll data.  The non-farm payroll data could end up as a no-show event too and US Fed will continue to on track further taper in the next FOMC meeting.

STI was up 0.60% but with thin volume.  The up was mainly due to the blue chips with probability due to short-covering.  Broader market however were muted.  Knee-jerk reaction from the big caps but not broader market.  That definitely was not a sign that market has the strength to move up higher next.

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