Friday, August 29, 2014

Market Summary -- 29th Aug 14

FTSE STI closed 3,327.09, down 3.13 points or -0.09% with a total volume of 1.79b and a total value of S$1.08b.  Total number of advance vs decline was 195 vs 211.  Of the 30 component index stocks, 11 closed positive, 3 unchanged and 16 in the red.  The top 5 gainer component stocks were :-

1. JSH 500USD  +0.400
2. Olam  +0.100
3. OCBC  +0.090
4. HongkongLand USD  +0.030
5. SembMar  +0.030

The top 5 loser component stocks were :-

1. JMH 400USD  -0.540
2. UOB  -0.290
3. Kep Corp  -0.060
4. CityDev  -0.050
5. DBS  -0.040

US markets dropped average 0.2% yesterday and Asian bourses all started in the red closed mixed for the day.  Nikkei -0.23%, SSE +0.97% and HSI 0.00%.  STI started in the red but managed to crawl back the loss and close flat in slightly higher volume but thin value.  11 of the 30 index stocks posted gain.

A better than expected US GDP figure of +4.2% vs +4% was offset by the geopolitical issue of Ukraine and weak corporate earning from retail sector.  That resulted in US markets closed down average 0.2%.  With the Ukraine tension (Ukraine claimed Russian troops crossed the border classify as invasion) in mind, Asian bourses all started in the red but managed to crawl back the loss and closed mixed.  It was a heavy economic data for Japan too with July inflation coming in at +3.3% due to the sales tax hike, July retail sales came in +0.5% and July unemployment rate at 3.8%.  Those data were mixed as still indicating Japanese economy trying to recover from the impact of sales tax hike and also questioning what's the next step of the Abenomic.  Investors will be looking at whether US markets are able to recover from the sell down due to Ukraine issue tonight.

STI like regional bourses started the day in the red due to the concern of the Ukraine issue but managed to crawl back the loss and close flat.  Broad market faced selling pressure as traders, punters and short-term investors trying to exit the market in fear of the Ukraine issue might erupt into fighting.  There were some bargain hunting but could be due to funds doing month end window dressing.  Should the Ukraine issue able to calm down over the weekend, STI should be able to rebound next week.

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