Monday, September 22, 2014

Market Summary -- 22nd Sep 14

FTSE STI closed 3,296.57, down 8.48 points or -0.26% with a total volume of 1.57b and a total value of S$953M.  Total number of advance vs decline was 162 vs 280.  Of the 30 component index stocks, 11 closed positive, 1 unchanged and 18 in the red.  The top 5 gainer component stocks were :-

1. HongkongLand USD  +0.050
2. Jardine C&C  +0.050
3. DBS  +0.040
4. SembCorp  +0.040
5. AscendasReit  +0.020
5. UOB  +0.020

The top 5 loser component stocks were :-

1. JMH 400USD  -0.330
2. JSH 500USD  -0.270
3. OCBC  -0.150
4. CityDev  -0.060
5. Kep Corp  -0.050

US markets closed mostly down last Friday and Asian bourses were all in the red for the day.  Nikkei -0.71%, SSE -1.66% and HSI -1.44%.  STI fared better with a dip of 0.26% in thin volume and value with 11 of the 30 index stocks posted gain.

The debut of Alibaba shares were bright rising 38% above IPO price but the general US markets were weak with profit taking mostly dominating.  With the weak lead, Asian bourses were all under profit taking resulting in all ended in the red.  The event to watch this week will be China HSBC flash PMI for September and funds should be positioning themselves for end of quarter window dressing too.

STI dipped 0.26% mostly due to profit taking.  While short-term wise its performance should be tracking regional bourses, the underlying should be how funds positioning themselves for end of quarter window dressing and next month earning season.  S-Reits should be the one closely monitored.  While they may face selling pressure during end of the quarter window dressing, the one that matter most should be accumulating prior to next month earning season.  US interest rate could be heading up 6 months later but the yield provided by S-Reits still very much attractive at the moment if one is to look at longer time frame.

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