Wednesday, July 23, 2014

Market Summary -- 23rd Jul 14

FTSE STI closed 3,340.70, up 23.79 points or +0.72% with a total volume of 1.67b and a total value of S$985M.  Total number of advance vs decline was 247 vs 197.  Of the 30 component index stocks, 18 closed positive, 5 unchanged and 7 in the red.  The top 5 gainer component stocks were :-

1. Jardine C&C  +0.910
2. JSH 500USD  +0.400
3. UOB  +0.310
4. DBS  +0.300
5. OCBC  +0.070
5. Olam  +0.070

The top 5 loser component stocks were :-

1. CityDev  -0.050
2. SIA  -0.020
3. SPH  -0.010
4. SembMar  -0.010
5. JMH 400USD  -0.010
5. CapitaMall  -0.010

US markets rose to another record high for DJ and S&P500 yesterday.  Asian bourses were mixed mostly positive with Nikkei -0.10%, SSE +0.14% and HSI +0.80%.  STI jumped 0.72% in thin volume and value with 18 of the 30 index stocks posted gain.

Positive corporate earning and data sent DJ and S&P500 to record high and that sentiment spread to Asia allowing them to open positive but closed mixed on profit taking.  With the concerns of Israel and Russia-Ukraine putting aside, investors were taking the positive corporate earning to move the markets higher.

This morning Singapore released its inflation data for June coming in at 1.8% down from May 2.7% and core inflation came in 2.1% for June as compared with 2.2% in May.  That positive data coupled the positive lead from US markets sent STI to new 14-month high but with thin volume and value.  The lack of market participation created little resistance STI to move up higher and that definitely brings the question of sustainability of the upside. 

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