Tuesday, September 23, 2014

Market Summary -- 23rd Sep 14

FTSE STI closed 3,298.09, up 1.52 points or +0.05% with a total volume of 1.38b and a total value of S$932M.  Total number of advance vs decline was 186 vs 246.  Of the 30 component index stocks, 9 closed positive, 8 unchanged and 13 in the red.  The top 5 gainer component stocks were :-

1. DBS +0.210
2. UOB  +0.150
3. Genting SP  +0.040
4. SIA Engg  +0.030
5. CityDev  +0.020
5. SGX  +0.020
5. SingTel  +0.020

The top 5 loser component stocks were :-

1. JMH 400USD  -0.620
2. Jardine C&C  -0.440
3. JSH 500USD  -0.340
4. HongkongLand USD  -0.080
5. Semb Corp  -0.050

US markets fell average 0.8% yesterday and Asian bourses were mixed, mostly in the red.  Nikkei closed for holiday, SSE +0.87% and HSI -0.49%.  STI swinging between gain and loss eventually closed flat in thin volume and value with 9 of the 30 index stocks posted gain.

It was across the board selling for US markets after comment that China will not unveil a large scale stimulus despite the recent weakness in economic data.  Profit taking, funds adjusting portfolio for quarter end all piling in to create the selling pressure.  For Asia, apart from taking the cue from US markets overnight, China HSBC flash PMI for September was a closely watched event.  The flash PMI reading came in 50.5, better than the expected of 50 and edged higher than the 50.2 in August.  That lifted the SSE from negative to positive but not for rest of the regional bourses.  In the afternoon, Euro zone flash PMI for September came in at 52.3, below forecast of 53.5.  That caused European markets to sink into the red and dragging down regional bourses.

STI was torn between the good news from China flash PMI, Singapore September inflation with core inflation coming in at 2.1% vs 2.2% from the previous month and the negative sentiment from Europe and regional bourses.  The lack of market participation did help STI to close flat, better than most of the regional bourses.  What to lookout for STI should be how market position itself for next month earning season. 

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