Thursday, September 4, 2014

Market Summary -- 4th Sep 14

FTSE STI closed 3,346.34, down 2.43 points or -0.07% with a total volume of 1.78b and a total value of S$1.12b.  Total number of advance vs decline was 172 vs 262.  Of the 30 component index stocks, 12 closed positive, 4 unchanged and 14 in the red.  The top 5 gainer component stocks were :-

1. JMH 400USD  +0.680
2. JSH 500USD  +0.420
3. DBS  +0.120
4. HongkongLand USD  +0.050
5. Olam  +0.050

The top 5 loser component stocks were :-

1. Jardine C&C  -0.500
2. UOB  -0.140
3. OCBC  -0.140
4. Kep Corp  -0.130
5. SembCorp  -0.050

US markets closed mixed with mostly down yesterday.  Asian bourses were also mixed for the day.  Nikkei -0.33%, SSE +0.80% and HSI -0.08%.  STI closed flat with volume and value roughly same as yesterday and 12 of the 30 index stocks posted gain. 

US markets opened with a gain due to the Ukraine event.  There was confusion over a done deal on the ceasefire but actually, both Russia and Ukraine will try to reach agreement in this Friday NATO meeting.  The drop of Apple share caused US markets to give up most of those gain.  Asian bourses were mixed given the performance of US markets yesterday night.  BOJ maintained its monetary policy unchanged today and investors are awaiting for the outcome of ECB meeting tonight.  Many expecting ECB will further ease monetary policy.  After that, investors will be focusing on this Friday US job data.

STI was flat for the day after seeing no follow through to the optimism of the Ukraine event.  Profit taking to stay cautious was observed but broader market still remain largely range bound.  While there was selling pressure but was pretty much well absorbed for the day.  STI was trying to maintain at the breakout level of 3,340 and should that become a support, more upside will follow.

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