Wednesday, July 30, 2014

Market Summary -- 30th Jul 14

FTSE STI closed 3,353.65, down 2.43 points or -0.07% with a total volume of 1.80b and a total value of S$988M.  Total number of advance vs decline was 145 vs 294.  Of the 30 component index stocks, 5 closed positive, 6 unchanged and 19 in the red.  The top 5 gainer component stocks were :-

1. OCBC  +0.150
2. UOB  +0.070
3. DBS  +0.050
4. Capitaland  +0.030
5. HongkongLand USD  +0.010

The top 5 loser component stocks were :-

1. JSH 500USD  -0.420
2. Jardine C&C  -0.380
3. JMH 400USD  -0.320
4. SIA Engg  -0.090
5. SGX  -0.070

US markets closed lowered after positive start.  Asian bourses were mixed with Nikkei +0.18%, SSE -0.09% and HSI +0.37%.  STI dipped 0.07% in thin volume and value with only 5 of the 30 index stocks registered positive closing.

Cautious ahead of the US Fed FOMC meeting and EU imposed more sanctions on Russia weighed down US markets.  For tonight US Fed FOMC meeting, will expecting Fed to taper another US$10b from its stimulus program and investors will be closely monitoring statement from Fed regarding interest rate hike.  US will also be releasing its 2Q GDP which majority expecting a rebound after a contraction of 2.9% in 1Q due to the bad winter weather.  Friday will be US unemployment data.

STI ended lower in thin volume and value as investors taking profit off blue chips ahead of US Fed FOMC meeting outcome and some important economic data from US and China.  Broader market also saw profit taking as the rising of STI in past days with thin volume has raised questions of its sustainability.  Not only that, global markets are very much on an overdue correction and thing could just happen soon.

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