Wednesday, July 9, 2014

Market Summary -- 9th Jul 14

FTSE STI closed 3,275.46, down 7.88 points or -0.24% with a total volume of 2.60b and a total value of S$1.07b.  Total number of advance vs decline was 186 vs 235.  Of the 30 component index stocks, 7 closed positive, 8 unchanged and 15 in the red.  The top 5 gainer component stocks were :-

1. Jardine C&C  +0.350
2. JSH 500USD  +0.260
3. CityDev  +0.050
4. HongkongLand USD  +0.040
5. SembCorp  +0.010
5. SIA  +0.010

The top 5 loser component stocks were :-

1. UOB  -0.300
2. Olam  -0.070
3. DBS  -0.060
4. JMH 400USD  -0.040
5. Noble  -0.025

US markets fell at least 0.70% yesterday and Asian bourses were mostly in the red.  Nikkei -0.08%, SSE -1.23% and HSI -1.55%.  STI in line with regional bourses fell 0.24% in moderate volume but value.  Only 7 of the 30 index stocks posted gain.

The second consecutive day of drop in US markets have caused investors now to wonder whether the much over due correction is it on the way while investors await for corporate earning.  US markets started the earning season with Aloca posted a set of beat expectation earning after market closed.  China also released its inflation for June this morning coming in at +2.3%, lowered than the expected +2.5%.  However, those positive news failed to prevent Asian bourses to fall into the red.  Tonight investors will be also looking at the US Fed FOMC minutes for last month meeting in particular looking out for any clue of when will interest rate hike.

STI continued the pull back today with moderate volume and value.  The slightly higher volume was due to the penny stocks punting while broader market still in range bound mode.  The punters might be punting for quick profit but play for earning season has definitely started.

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