Thursday, October 30, 2014

Market Summary -- 30th Oct 14

FTSE STI closed 3,234.31, up 10.28 points or +0.32% with a total volume of 1.16b and a total value of S$912M.  Total number of advance vs decline was 179 vs 186.  Of the 30 component index stocks, 13 closed positive, 5 unchanged and 12 in the red.  The top 5 gainer component stocks were :-

1. JSH 500USD  +0.530
2. UOB  +0.430
3. HongkongLand USD  +0.110
4. SIA Engg  +0.090
5. SGX  +0.060

The top 5 loser component stocks were :-

1. Jardine C&C  -0.470
2. CityDev  -0.190
3. JMH 400USD  -0.110
4. DBS  -0.100
5. SIA  -0.040
5. Kep Corp  -0.040
5. ComfortDelGro  -0.040

US markets posted a drop of at least 0.1% yesterday.  Asian bourses were mixed for the day with Nikkei +0.67%, SSE +0.75% and HSI -0.49%.  STI swinging between gain and loss managed to close +0.32% with thin volume and value with 13 of the 30 index stocks posted gain.

Without any surprise US Fed concluded the 2-day FOMC meeting officially withdraw its QE3.  The same comment of "considerable time" was used to address when it will start to hike rate but with a little bit of twist this time as mentioned interest rate hike will be data related rather than schedule related.  That is to say any factors that affect the economic data will delay the Fed from hiking rate.  That probably is the best way for US Fed not to be committed to a fixed time schedule of interest rate hike.  US markets fell in reaction to that as it gave investors still clueless of when interest rate hike will happen.  Asian markets were mixed given the lack of clue as investors divided between profit taking and bargain hunting.

STI was directionless for the day but managed to edge up a gain of 0.32%.  Investors were left digesting on the latest US Fed comments.  Some of the stocks were driven higher due to positive earning or prior to release of earning while others were subjected to profit taking by short-term traders.  There could be a month end window dressing tomorrow.  STI still in range bound and could do so until mid November.

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