Friday, July 25, 2014

Market Summary -- 25th Jul 14

FTSE STI closed 3,350.17, down 3.72 points or -0.11% with a total volume of 1.41b and a total value of S$919M.  Total number of advance vs decline was 225 vs 226.  Of the 30 component index stocks, 11 closed positive, 6 unchanged and 13 in the red.  The top 5 gainer component stocks were :-

1. Kep Corp  +0.100
2. StarHub  +0.030
3. Capitaland  +0.020
4. ComfortDelGro  +0.020
5. OCBC  +0.020
5. SGX  +0.020
5. ST Engg  +0.020

The top 5 loser component stocks were :-

1. JMH 400USD  -0.660
2. Jardine C&C  -0.280
3. UOB  -0.210
4. JSH 500USD  -0.080
5. CityDev  -0.050

US markets closed mixed yesterday and Asian bourses were mostly positive for the day.  Nikkei +1.13%, SSE +1.02% and HSI +0.31%.  STI unfortunately failed to keep pace with regional bourses closing -0.11% in thin volume and value.  11 of the 30 index stocks posted gain.

While US corporate earnings were mostly positive and weekly jobless claim data came in at an 8 year low, investors were seen taking a break after recent gain leading to US markets closing mixed and flat.  Asian bourses were on a different tone with most moved up.  Japan reported its June inflation coming in at 3.3% in line with expectation.

STI failed to keep pace with regional bourses as profit taking kicked in ahead of the long weekend as next Monday will be a public holiday.  Most of the blue chips fell due to profit taking while the broader market still seeing range bound.  For corporate earning, so far those reported have their results pretty much in line with expectation but that failed to attract investors from coming back to the market as the thin volume still suggesting cautiousness.  STI so far has not have any meaningful correction this year and as the market moves higher, the chance of having one increases thereby increasing the downside risk.

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