Monday, September 1, 2014

Market Summary -- 1st Sep 14

FTSE STI closed 3,314.13, down 12.96 points or -0.39% with a total volume of 1.90b and a total value of S$796M.  Total number of advance vs decline was 164 vs 258.  Of the 30 component index stocks, 8 closed positive, 3 unchanged and 19 in the red.  The top 5 gainer component stocks were:-

1. UOB  +0.060
2. DBS  +0.030
3. GLP  +0.030
4. HongkongLand USD  +0.030
5. SPH  +0.030

The top 5 loser component stocks were :-

1. Jardine C&C  -0.550
2. JMH 400USD  -0.230
3. OCBC  -0.160
4. CityDev  -0.130
5. SIA  -0.070
5. Olam  -0.070
5. JSH 500USD  -0.070

US markets closed positive last Friday.  Asian bourses were mixed with mostly positive.  Nikkei +0.34%, SSE +0.83% and HSI +0.04%.  STI underperformed regional bourses closing -0.39% in higher volume but thin value and only 8 of the 30 index stocks managed to register positive closing.

The tension in Ukraine failed to stop US markets from closing positive with S&P500 registered yet another record closing.  Asian bourses apart from the Ukraine issue, China official PMI data for August was another focus for investors today.  The reading came in at 51.1, slight below expectation of 51.2.  However, most Asian bourses reacted positively towards that news probably hoping that Chinese Government could yet another unveil some mini stimulus in the short-term.  For the Ukraine-Russia issue, EU is standing by further sanctions on Russia as news that Russian troops were spotted in Ukraine.  Russia on the other hand pushed for talk.  How that eventually resolve to ? For sure, the saga will drag on for some times.

STI fell 0.39% mostly due to the blue chips, result of post month end window dressing.  The broader market however hardly move at all as no buying interest and sellers were queuing up to sell.  STI after touching the 3,340 level last week, pulling back now and possible move back to the 3,280 level, the consolidation range.  Again, it will need something extra positive or negative news/events to either breakdown from the support level or breakout from the resistance level of the consolidation range.

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