Tuesday, October 21, 2014

Market Summary -- 21st Oct 14

FTSE STI  closed 3,202.74, up 21.69 points or +0.68% with a total volume of 1.13b and a total value of S$963M.  Total number of advance vs decline was 229 vs 182.  Of the 30 component index stocks, 22 closed positive, 3 unchanged and 5 in the red.  The top 5 gainer component stocks were :-

1. UOB  +0.280
2. DBS  +0.230
3. Kep Corp  +0.090
4. CityDev  +0.080
5. SIA  +0.080

The 5 loser component stocks were :-

1. Jardine C&C  -0.430
2. JSH 500USD  -0.351
3. SIA Engg  -0.050
4. Olam  -0.030
5. Genting SP  -0.010

US markets closed positive yesterday and Asian bourses were mixed for the day with Nikkei -2.03%, SSE -0.73% and HSI +0.08%.  STI rose 0.68% in thin volume and value with 22 of the 30 index stocks posted gain.

US markets started the day mixed as the big disappointment from IBM earning drag however at the end of the day managed to recover closing positive with S&P500 hitting almost 1% while Nasdaq gained 1.35%.  DJ managed just +0.12% due to IBM.  Asian bourses started the day mixed despite upbeat China economic data.  China GDP came in at 7.3% better than expectation of 7.2%, industrial output rose 8% vs expectation of 7.5% but retail sales came in at 11.6% slight below expectation of 11.8%.  The upbeat data failed to prevent profit taking in Asian bourses causing mixed closing.  ECB yesterday confirmed started its ABS stimulus but failed to prevent Europe markets to close positive.  Investors apart from looking at corporate earning will also be watching the scheduled talk between HK Government and protest leaders today. 

STI continued its rebound but came with thin volume and value as most unlikely to take up any position as tomorrow will be a public holiday.  STI also entered the resistive region nearing the 3,220 level and a pull back might be there next.  Short-term traders might want to take cautious while those who missed the bargain hunt days ago could take the opportunity of pull back.  STI appeared to be in a "panic buy" for high yield stocks at the moment.

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