Tuesday, September 9, 2014

Market Summary -- 9th Sep 14

FTSE STI closed 3,342.96, up 7.77 points or +0.23% with a total volume of 1.05b and a total value of S$661M.  Total number of advance vs decline was 188 vs 225.  Of the 30 component index stocks, 13 closed positive, 6 unchanged and 11 in the red.  The top 5 gainer component stocks were :-

1. JMH 400USD  +0.520
2. JSH 500USD  +0.510
3. DBS  +0.120
4. SGX  +0.050
5. UOB  +0.050

The top 5 loser component stocks were :-

1. Jardine C&C  -0.450
2. Olam  -0.090
3. HongkongLand USD  -0.005
4. SingTel  -0.020
5. SembMar  -0.020

US markets closed mixed with mostly in the red and Asian bourses in quiet trades managed to end mostly positive.  Nikkei +0.28%, SSE flat and HSI was closed for holiday.  STI edged up 0.23% in thin volume and value with 13 of the 30 index stocks posted gain.

The drop in oil related stocks due to fall in crude oil price led US markets to close mostly in the red.  Without any positive lead, Asian bourses were quiet for the day but managed to close mostly positive.  While weak Yen helped Nikkei to stay positive, the rest of the regional bourses managed to do so due to bargain hunting and easing of selling.

STI with bargain hunting managed to recover some loss for the past days, moving back to above the 3,340 level.  It is looking like STI trying to form a support around this level which is good news.  On broader market, there is an underlying momentum that a rebound is on the way.  The selling from past days have been well absorbed so far thereby creating some support level.  

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