Tuesday, July 29, 2014

Market Summary -- 29th Jul 14

FTSE STI closed 3,356.08, up 5.91 points or +0.18% with a total volume of 1.39b and a total value of S$985M.  Total number of advance vs decline was 194 vs 253.  Of the 30 component index stocks, 11 closed positive, 7 unchanged and 12 in the red.  The top 5 gainer component stocks were :-

1. JMH 400USD  +0.560
2. Jardine C&C  +0.430
3. UOB  +0.300
4. Kep Corp  +0.050
5. GLP  +0.030
5. SembMar  +0.030
5. SGX  +0.030

The top 5 loser component stocks were :-

1. SIA Engg  -0.170
2. Wilmar  -0.040
3. ST Engg  -0.040
4. ComfortDelGro  -0.040
5. CityDev  -0.040
5. Capitaland  -0.040

US markets closed mixed yesterday while Asian markets were mostly positive for the day.  Nikkei +0.57%, SSE +0.24% and HSI +0.87%.  STI reopened from yesterday holiday edged up 0.18% in thin volume and value.  11 of the 30 index stocks posted gain.

It will be an eventful week with series of important economic data and US Fed FOMC meeting happening.  US 2Q GDP, US unemployment data and China July PMI are few of those announcing this week.  The Fed FOMC meeting should be seeing another taper of US$10b from its stimulus and investors will be looking for cue of when interest rate will be hike.  On top of those, the ongoing corporate earning will also provide some market movement.  The sentiment at the moment appeared to be biased towards the upside probably anticipating positive data.  Asian bourses have been moving higher for past days but for US markets some jittering are forming.  Another event that worth monitor is Argentina as in 2 days time, it might default some of its debt obligation and if so, US hedge funds would be those greatly affected.

STI in line with regional bourses edged up 0.18% but with thin volume and value.  Mass market participation was not there as most still on cautious; little news to induce bargain hunting but just take a tip of any bad news or events will be seeing some decent correction on the way.  STI is drifting higher due to the blue chips but not broad market.  This is something has to be cautious.

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