Thursday, November 6, 2014

Market Summary -- 6th Nov 14

FTSE STI closed 3,290.96, up 3.30 points or +0.10% with a total volume of 1.44b and a total value of S$1.10b.  Total number of advance vs decline was 189 vs 240.  Of the 30 component index stocks, 16 closed positive, 3 unchanged and 11 in the red.  The top 5 gainer component stocks were :-

1. Jardine C&C  +0.610
2. ComfortDelGro  +0.100
3. UOB  +0.100
4. JMH 400USD
5. HongkongLand USD  +0.060

The top 5 loser component stocks were :-

1. Sembcorp  -0.130
2. SembMar  -0.090
3. SIA Engg  -0.060
4. Kep Corp  -0.060
5. Capitaland  -0.060

US markets closed mostly higher yesterday and Asian bourses were mostly in the red.  Nikkei -0.86%, SSE +0.27% and HSI -0.20%.  STI swinging between gain and loss eventually closed flat in thin volume and value with 16 of the 30 index stocks posted gain.

Better than expected ADP job data and the GOP winning majority of the Senate seats cheered US markets with DJ and S&P500 hitting record high.  Asian bourses were mixed with mostly in the red as profit taking continued.  Tonight ECB meeting and tomorrow US non-farm payroll data are what investors looking at this week and that might dictate the direction of the market for next week.  There should be no surprise action by ECB regarding monetary policy but investors are looking at the comments make by ECB chief.  With a positive ADP job data, investors will be anticipating a better than expected non-farm payroll.  Now if the non-farm payroll is positive, will US Fed hike interest rate sooner than expected since it is linking that to data ?

STI after yesterday SGX breakdown was struggling to make decent gain as traders disrupted by yesterday breakdown were trying to clear off their position thereby putting resistance in the way.  Broad market was facing sell pressure and short-term wise, STI looks very stretch and tired, could be a pull back next week.

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