Thursday, August 21, 2014

Market Summary -- 21st Aug 14

FTSE STI closed 3,324.09, up 0.44 points or +0.01% with a total volume of 1.46b and a total value of S$891M.  Total number of advance vs decline was 211 vs 211.  Of the 30 component index stocks, 11 closed positive, 7 unchanged and 12 in the red.  The top 5 gainer component stocks were :-

1. CityDev  +0.150
2. DBS  +0.060
3. OCBC  +0.060
4. SGX  +0.030
5. Kep Corp  +0.020
5. StarHub  +0.020

The top 5 loser component stocks were :-

1. JMH 400USD  -1.00
2. Jardine C&C  -0.390
3. JSH 500USD  -0.130
4. HongkongLand USD  -0.130
5. Olam  -0.050

US markets closed mixed yesterday and Asian bourses were also mixed for the day.  Nikkei +0.85%, SSE -0.44% and HSI -0.66%.  STI was flat in another of those thin volume and value day.  11 of the 30 index stocks managed to register gain.

From the US Fed FOMC minutes, raising interest rate still much divided and investors quickly shift their focus to tomorrow Jackson Hole meeting.  For Asian markets it were divided after China releasing its HSBC flash PMI for August coming in at 3-month low of 50.3 well below expectation of 51.5.  That has caused SSE and HSI to slip into the red for the day.  In the afternoon, Eurozone flash PMI for August came in at 52.8 also below forecast of 53.4.  One thing for sure, US markets will be challenging their respective recent high and that is not due to fundamental reason.

STI was practically flat for the day given the mixed sentiment in regional bourses.  Profit taking for penny, small and mid cap stocks were seen given the past 2 days of running up.  This was expected as most of those were mainly punters punting for short-term gain.  Though STI was flat, it is still trading within the consolidation range of between 3,280 and 3,340.  It will need extreme news or events to either breakdown or breakout from that range.

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